# Equitable Life Payment Scheme contacting Irish policyholders



## Sumatra (19 Mar 2013)

Equatable Life Payment Scheme now contacting Irish policyholders regarding payment for financial loss suffered as a result of maladministration in the regulation of Equitable Life.


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## bullworth (19 Mar 2013)

did they get a new source of money for compensation ?


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## Sumatra (20 Mar 2013)

It has been running for a while but perhaps those outside the UK have been left until later to contact. Finishes April 2014 I believe.



http://equitablelifepaymentscheme.independent.gov.uk/faq/index.htm


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## ClubMan (28 Mar 2013)

Just got my letter today. It asks me to complete a form and send it back with proof of id and address (e.g. certified copy of passport and bank statement/utility bill). No more info than that so far. I have no idea what, if any, payment might ultimately be involved.


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## bullworth (13 Apr 2013)

I got my letter recently. it wanted proof of my ID and said I would get some payment in sterling cheque form. I called Equitable themselves to verify it wasnt a phishing scam as the letter wasnt from them directly at all.


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## tedd (27 Jul 2013)

*Any cheques issued yet?*

Has anyone received a cheque yet? I completed all the paperwork more than a month ago, received back all my original documents but still no sign of a cheque...


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## Homer (19 Aug 2013)

A friend of mine has a policy with Equitable Life, but has not heard anything from them.  He has been told that there is a deadline for making claims, but has been unable to find out how to make contact in order to make his claim. Can anyone provide a contact number or email address for Irish policyholders?


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## Homer (19 Aug 2013)

Actually I had a look at the link in post #3 and that gives a contact number and email address that I have passed on to my friend.  If they don't work, I might be back on here looking for help.

Regards
Homer


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## olddoll (19 Aug 2013)

I received a letter today enclosing a statement advising amount of payment to be made to me.  It advised I will receive a UK Government crossed warrant (like a cheque) in the next few days.  Happy days !

Tel number if calling from outside UK +44 (0) 141 232 1377


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## Sumatra (20 Aug 2013)

Tedd, no actual cheque yet just a letter received from Equitable Life Payment Scheme which was dated 16th July and received 19 Aug. I'm surprised the payment will be made in Sterling (any banking chages imposed by overseas bank for receiving the money in this way will be borne by the policyholder) when policy was in IR£ and later € and I thought the Irish fund was ring fenced. Must have been combined at some stage and I missed it. Anyway, they say 'payments not subject to UK income Tax so you don't have to declare them to HM Revenue & Customs'. I assume Revenue here won't be interested?

Homer if calling from UK the number they gave on the communication sent to me is +44 (0) 141 232 1377


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## Sumatra (27 Aug 2013)

Sterling cheque received and lodged to bank account today. Small commission charge but no problems.


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## tedd (1 Sep 2013)

Thanks Sumatra. Mine has arrived too. Certainly won't make up the losses but anyway....


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## RainyDay (1 Sep 2013)

Only relevant for holders of with-profits policies, by the looks of it


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## Sumatra (3 Sep 2013)

Tedd, payment was smooth in the end but doesn't Rainyday have a point regarding unit linked investors? Come to think of it what about their life assurance policies, didn't they have to go get cover elsewhere at additional cost?


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## bullworth (11 Sep 2013)

I completely forgot to send in my claim. How long do I have to do this ? I have to try find the letter etc ...


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## ClubMan (27 Sep 2013)

bullworth said:


> I completely forgot to send in my claim. How long do I have to do this ? I have to try find the letter etc ...


The scheme is open until April 2014 according to the website. Stick in a claim ASAP if possible. 

I got a letter back c. March listing one policy (a WP Bond) that I had with them and saying that I was ineligible. In fact I had two policies with them - this one and a WP personal pension plan. So I wrote to them with details of both and the necessary id (certified copy of passport, proof of address, proof of PPSN (?) etc.). This week I got a letter saying that I was due a payment on both policies. Note that they are paying 22.4% of the nominal shortfall that they estimate. 

So if you got a letter saying that you were ineligible send in your details again anyway in case they are mistaken.


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## ClubMan (27 Sep 2013)

tedd said:


> Has anyone received a cheque yet? I completed all the paperwork more than a month ago, received back all my original documents but still no sign of a cheque...


I got a letter earlier this week informing me of the payment that I am due and saying that it will be paid by warrant in the coming days.

http://equitablelifepaymentscheme.independent.gov.uk/faq/index.htm#q2-14


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## ClubMan (2 Oct 2013)

Got my payment warrant in the post.
Anybody know what's the most cost effective way to cash/clear/lodge a GBP£ warrant?
I presume I'll be hit for forex and transaction fees...? 
My main banking is with PTSB.


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## Dave Vanian (7 Mar 2014)

Equitable website says that compensation payments are not subject to UK tax for UK residents.  Does anyone know if they are subject to tax over here for Irish residents, in respect of an Irish EL policy?


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## bullworth (5 Apr 2014)

ClubMan said:


> The scheme is open until April 2014 according to the website. Stick in a claim ASAP if possible.
> .



it seems to have been extended into 2015 now


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## RetirementPlan (23 Sep 2021)

Just a historical note, taken from @ian_fraser Twitter account;
"Alan Steel, famous for exposing the Equitable Life scandal in 1997 and for shedding light on the scamminess of much of the UK financial sector and its regulators, who founded Alan Steel Asset Management in 1975, has died of Covid "


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## Brendan Burgess (23 Sep 2021)

Except that there was no scam and no scandal involved in Equitable Life. 

They were a great company which served its customers well. 

They had a caveat on their guarantees and it was not strong enough.

Brendan


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## ClubMan (10 Oct 2021)

Brendan Burgess said:


> Except that there was no scam and no scandal involved in Equitable Life.


I don't think that this is quite correct. This (below) is arguably a scandal involving EL.




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						Equitable Life Payment Scheme
					

Find out more information on the Equitable Life Payment Scheme.




					www.gov.uk
				





> The Equitable Life Payment Scheme (the scheme) was set up by government to make payments to Equitable Life policyholders in respect of relative loss they suffered on their investments following government maladministration in the regulatory returns of the Equitable Life Assurance Society between 1992-2000.


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