Compensation reminder from Carmichael

Northern Isles MP Alistair Carmichael urging constituents who had pensions with Equitable Life to make sure they get the compensation promised to them by the Government.

The Equitable Life Payments Scheme was set up by the Government in 2011 to pay up to £1.5 billion to victims of the Equitable Life scandal, and £600 million has already been paid out.

But many people have moved without giving their new address and high number seem to be unaware that they are entitled to a payment. The Treasury is planning to shut down the scheme in 2015, with many pensioners at risk of remaining unpaid.

The Parliamentary Ombudsman found that UK financial regulators had failed the firm’s customers every single year throughout the 1990s. She called on the Government to pay compensation to the victims of the scandal but it was not until 2010 that the new Government committed to make “swift, fair and transparent payments” to the 1.5 million pensioners affected.

• If you think you have an eligible policy but have not yet heard from the Scheme, you can first confirm that your policy is eligible for the Scheme by telephoning the Scheme’s “Policychecker” service on 0300 0200 150. Or write to Equitable Life Payment Scheme, PO Box 4110, Glasgow G58 1EL, quoting your full name, address and your Equitable Life policy number in all correspondence.