Updated 10th April, 2020

EMAG exists to campaign for full government compensation. Will members of EMAG please note that because of pressure of work we regret it is not possible to answer individual written enquiries.

A short video which explains what EMAG is fighting for.

Recent quote:

“Nobody should be penalised for doing the right thing.”
Boris Johnson, 4 March 2020

Parliamentary reception

A reception in the House of Commons to brief new MPs on our campaign sadly had to be postponed at very short notice due to the coronavirus crisis. We are aiming to reschedule it for the autumn. EMAG delegates from around the UK were set to come to Westminster to convey our compelling case for full compensation. The joint chairs of the APPG - Bob Blackman and Fabian Hamilton - together with EMAG's regional campaign manager Usha Waygood, were to address the meeting. While the reception has been delayed we are continuing to engage with new and re-elected MPs at both local and national level in our campaign for justice.

Parliamentary debate

The impact of the virus on parliamentary business unfortunately meant a debate on Equitable Life in the Commons, scheduled for 26 March, also had to be postponed. The motion is sponsored by Bob Blackman and three former chairs of the influential Public Accounts Committee: Rt Hon David Davis, Rt Hon Sir Edward Leigh and Rt Hon Dame Margaret Hodge.

We hope the debate will take place in April, although the timing depends on whether and, if so, how Parliament resumes its activities. As well as highlighting the injustice that Equitable Life victims have faced, the motion calls for an inquiry into the accuracy of the payments that have been made to date.

EMAG's President, Honor Blackman dies

We are sad to report that EMAG's President, actress Honor Blackman died on 6 April at the grand age of 94. Thankfully she died at home with her family around her.

Honor became involved in EMAG's campaign in 2009, and appeared at a number of our rallies, protests and events, as well as in the media.  EMAG's chairman, Paul Weir remembers her:

Paul Weir with Honor Blackman holding a banner saying 'My Glass is 80% empty'
“Honor became a good friend and a good friend to EMAG. She took a full part in our campaign, asking to come to meetings in Parliament and supporting our events. Her profile was a big help in getting us further coverage on radio, television and in the papers. I got to know her well – she was feisty with a sharp mind and fun to be with. We miss her.”

APPG Co-Chair speaks on behalf of victims in the Commons

Bob Blackman spoke up for Equitable Life victims in a pre-recess adjournment debate, where he again set out his support for EMAG's campaign:

“I next want to raise the long-term scandal of the victims of the Equitable Life scam. I was proud that the Conservative Government I supported when first elected to this House in 2010 made the commitment, which we are all encouraged to make, to provide justice for those robbed of their money. The Government set up a compensation scheme, but only provided £1.5 billion of the £4.1 billion that was accepted as being owed, meaning that the Government still owe £2.6 billion to the victims of the Equitable Life scandal.

As co-chair of the all-party group, I will continue to campaign for justice for those victims, until such time as we get the Government to provide the funding required. Many of the victims are now very old and vulnerable and desperately need the money. Many others are coming up to retirement age and will need to draw on their pensions, which have been severely downgraded as a result of the particular issues of that scam.

The victims are receiving only 22.5% of their assessed loss and that affects nearly 1 million people across the UK, many of whom are nurses or people in our caring professions, who were encouraged by the Government and their employers to invest in these schemes, which then effectively were ceased. We clearly need to combat that.”

News of the APPG

The All-Party Parliamentary Group for Justice for Equitable Life Policyholders has been re-constituted for the new Parliament. The elected officers are:

Joint Chairs: Bob Blackman (Con) and Fabian Hamilton (Lab)
Secretary: Layla Moran (LibDem)
Vice chairs: Sir Peter Bottomley MP (Con)
Baroness Kramer (LibDem)
Hywel Williams MP (Plaid Cymru)
Mhairi Black MP (SNP)
Jim Shannon MP (DUP)
Bob Stewart MP (Con)
Tonia Antoniazzi MP (Lab)

The APPG already has over 200 members and continues to grow. You can see if your MP is a member here.

Early Day Motion

An Early Day Motion has been tabled in Parliament. It calls on the Government to commit to paying the missing 78% to Equitable Life victims and to treating pre-September 1992 WPAs the same as those who took out their policies after that date. You can see if your MP has supported the motion here.

The full text of the motion reads:

“That this House recognises that the Equitable Life scandal remains an ongoing and significant injustice; notes that the majority of victims are retired factory shop workers, nurses, teachers, civil servants and small business owners who diligently saved for their retirement; is concerned that 12 years after the Government accepted the Parliamentary Ombudsman's findings that a decade of maladministration by UK Government regulators led to one million pension savers suffering multi-billion pound losses, 95 per cent of Equitable Life policyholders have received only 22 per cent of the money they lost as a consequence of UK Government maladministration; seeks a commitment that victims will receive the missing 78 per cent of their compensation entitlement; seeks a further commitment that the 10,000 pre-September 1992 WP annuitants are compensated on exactly the same terms as those who took their WP annuity after that date; and therefore calls on the Government to urgently increase the available funding from £1.5 billion to £4.1 billion to reflect the Treasury's own calculation of the true cost of full compensation to all victims.”

An addition to our campaign team

We have appointed a new Campaign Manager to help drive forward our campaign for compensation in the new Parliament. Paul Montague-Smith has 29 years' experience advising companies, campaign groups and trade associations on political engagement, public policy and reputation management. He has supported EMAG in the past as a political consultant, including in the run-up to George Osborne's announcement in 2010 and in securing some payments for pre-92 WPAs. We look forward to the energy and expertise he will bring in the months ahead.

EMAG's successful Westminster Rally, 22nd October, 2014

EMAG's campaign objectives

EMAG will campaign until fair compensation is awarded to the million victims of the Equitable Life scandal.

For the majority 945,000 victims

95% of Equitable's with profits policyholders have received just 22% of the Treasury's calculation of their ‘relative losses’ without any interest paid from 2009 onwards.

With the economy at last recovering, we are campaigning for a commitment that victims will receive the missing 78% of their compensation entitlement.

For the pre–1992 WP Annuitants

We are campaigning to get MPs to insist that the 10,000 pre–September 1992 WP Annuitants are compensated on exactly the same terms as those who took their WP Annuity after that date. We view the current flat rate £5,000 as a welcome down–payment.

For the post–1992 Annuitants

For the 37,000 WP Annuitants who are receiving an alleged ‘100% of their relative losses’ we are seeking dialogue with The Prudential to see why annuity payments continue to fall every year.