Updated 12 July 2022

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.

Listen to Susan's story and why the govt should settle its debts

All-Party Parliamentary Group hits 300 mark

The All-Party Parliamentary Group for Justice for Equitable Life Policyholders has reached 300 members from the Commons alone, including 128 Conservative MPs, 104 Labour, 40 SNP, 13 Liberal Democrat and 15 others.

The Annual General Meeting of the Group was held on 18 May, with all existing officers reappointed to their posts. Minutes of the meeting are available here.

APPG letter to Willis Towers Watson

EMAG and the All-Party Parliamentary Group continue to seek full transparency over the calculation of compensation payments made to date.

The co-Chairs of the APPG wrote to the CEO of Willis Towers Watson - the actuarial consultants who did the calculations for the Government at the time - in September 2021 with a view to securing clarification on contract terms and full transparency so that an independent assessment of the integrity of the calculation process and assumptions used could be made.

Having taken over two months to reply, their response merely referred the APPG co-Chairs back to their client - HM Treasury.

The APPG co-Chairs subsequently wrote jointly to HM Treasury and Willis Towers Watson asking the same questions and urging them engage with the APPG and EMAG to find a solution that enables full transparency.

The ministerial response totally failed to address the questions posed. EMAG continues to call for full transparency and for the issue to be properly investigated by the Public Accounts Committee.

Campaign coverage

EMAG's campaign for justice was covered extensively in the i-newspaper. One article concluded:

“A shocking 22 years after Equitable Life's collapse and with more than £500bn spent by the government bailing out the economy in the wake of the pandemic, the fact that the Treasury cannot find £2.8bn more to save pensioners living on thin air because of the historic incompetence of the Government's own actuary department beggars belief.”

The articles can be viewed here:

The campaign was also covered in a piece by Kim Johnson MP for LabourList, which concluded:

“...close to 300 MPs from across the Commons support the all-party group for justice for the victims involved. Now more than ever, the government needs to do the right thing and pay the victims of Equitable Life what they are owed - nothing less than full and fair compensation will do. Otherwise, much like the government's plan for addressing the rising cost of energy bills, its actions will fall far short of what's needed.”

Recent mentions in Parliament

Emag.today campaign website refresh

Our main campaign website www.emag.today has had a significant refresh, with additional campaign videos and integration of EMAG's Twitter feed (which can also be viewed at twitter.com/EMAGnews). It has also been reconfigured so anyone who supports the campaign – such as family members of policyholders – can easily register their support and write to their MP. Make a visit and take action today!

EMAG members and MPs demonstrating in Westminster.

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.