Government establishes Equitable Life commission

The Independent Commission on Equitable Life Payments has issued a call for evidence on how funding to non with-profits annuitants should be allocated and prioritised.

The government announced on October 20 that Equitable Life policyholders would receive total payments of around £1.5 billion, £1 billion of which will be paid out in the first three years of the spending review.

The government has now asked the commission, which will be chaired by Brian Pomeroy, to provide advice to policymakers on how the remaining funds should be divided between 500,000 individual policyholders and 600,000 group policyholders. (article continues below)

Pomeroy says: “The commission realises policyholders have strong view on this subject and we urge all interested parties to read the discussion paper. This is an important opportunity to make their views known on how funding to policyholders, other than with-profit annuitants, should be allocated and prioritised in the Equitable Life Payments Scheme.”

The commission will report to government by the end of January 2011.