EMAG

The independent action group for current and ex Equitable Life policyholders, funded by contributions.

Equitable Members Action Group

Equitable Members Action Group Limited, a company limited by guarantee, number 5471535 registered in the UK

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Correspondence: 03/11/2002 - Delay on re-basing: An EMAG members letter of complaint to his MP
25 October '02 - Delay on re-basing: An EMAG letter of complaint to his MP

To: Rt Hon David Hinchliffe MP

Dear David,

Further to my letter to you of 22 September and your subsequent letter to ELAS I have now received a very unsatisfactory reply from them. The new board of Directors would appear to be as arrogant and uncaring as their predecessors. They have had all the information necessary to arrive at a compromise for annuitants since June and still we must wait with no completion date available. Their letter simply states in the conclusion

The society is currently assessing the responses received and will write to annuitants when the assessment is complete. As yet there is no completion date for the assessment.

Please would you be kind enough to write a follow up letter to ELAS to obtain an end date.

Now may I return to the issue of compensation for we policyholders from the Treasury. I am of the opinion that we are being totally ignored and have been cast aside even though with all the information now in the public domain it is absolutely beyond doubt that they are culpable of failing to protect pensioners like myself .They appointed several Regulatory bodies including themselves to supposedly safeguard the interests of potential and current policyholders but now will not accept any liability for their failure to do so.

Without compensation and possible help from ELAS I and several hundred thousand other pensioners face a future scenario of reducing pensions for many years to come. Mine will reduce by around 5% pa. which is a disaster for me and I hold the Treasury and it's Regulatory bodies totally responsible for this situation. Compare this, on the other hand, to the position of their award to all of you members of Parliament of massive increases to current and future pensions, some of which are by way of non contributory payments. This will cost billions of pounds in future years whilst pensioners like myself cannot receive fair compensation costing only several million pounds from a very guilty Treasury. Have we to resort to instituting legal proceedings against them to force their hand? I used to believe in the good sense of British fair play and justice but unfortunately this appears no longer to be the case.

I enclose for your perusal a copy of our Equitable Members Action Group (EMAG) comprehensive case for proving regulatory failure which I hope you will actively raise, along with your Parliamentary colleagues, at the highest level.

Yours Sincerely,