Updated 3 September, 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.

Parliamentary debate

The coronavirus crisis continues to impact parliamentary business and the holding of the debate on Equitable Life that was originally scheduled for March. While backbench debates have started to take place, the impact of Covid-19 has been prioritised. EMAG is continuing to work with the sponsors of the motion with the aim of securing the debate as soon as possible. The motion to be debated reads as follows:

“That this House expresses grave concern in relation to the Government’s continued inaction in response to the injustice suffered by Equitable Life policyholders, the vast majority of whom have only received partial compensation compared to the confirmed losses directly attributed to regulatory failures; notes the Government’s acceptance of the Parliamentary Ombudsman’s findings to compensate victims in full following the maladministration of Equitable Life; further notes the concern previously expressed by the Public Accounts Committee in relation to the transparency and accuracy of the payments being made to victims; highlights the Government’s failure to fulfil the Committee’s request to publish an intelligible and transparent explanation to policyholders on how to verify the accuracy of the compensation they have received; further highlights examples of grossly inaccurate payments, adjusted only when identified by policyholders, gathered by the Equitable Members Action Group; notes the Government’s continued insistence that there have been no mistakes in the methodology for calculating payments to policyholders; and calls on the Public Accounts Committee and the Public Administration and Constitutional Affairs Committee to establish a joint inquiry into the accuracy of the payments made to victims of the Equitable Life scandal.”

Upcoming 10-year anniversary of partial compensation

October 20 marks the tenth anniversary of George Osborne's announcement of partial compensation for Equitable Life victims. Constraints on the public purse were cited then and continue to be used as a reason not to pay the debt that the Government itself has acknowledged - despite hundreds of billions of pounds having been ‘found’ for other things. EMAG will be marking the anniversary and reminding politicians and the media of the ongoing injustice that must be finally addressed.

APPG grows to 246

MPs continue to join the All-Party Parliamentary Group for Justice for Equitable Life Policyholders at a very encouraging rate. The membership has now grown to 246 Members of Parliament. You can see if your MP is a member here.

The Group held its first virtual meeting using Zoom before the parliamentary recess in July, with a good mix of existing and new MPs taking part. Plans to lobby government in the weeks and months ahead were agreed and MPs' determination to continue to stand up for Equitable Life victims was reaffirmed.

Early Day Motion

An Early Day Motion tabled in Parliament 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 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.”

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.