Equitable Life Assurance Society - Update February 2011
8th February 2011The Independent Commission on Equitable Life Payments (“ICELP”)
The ICELP has just released its final advice to the Government “Equitable Life Payments Scheme: achieving a fair allocation and order of payments”. The recommendation is that the available £775m should be allocated to policyholders on a pro rata basis in proportion to the size of the Relative Losses suffered. This equates to 22.4% of each policyholder’s Relative Losses, but a £10 de minimis limit will apply. Priority will be given to the oldest policyholders and to the estates of deceased policyholders.
The ICELP is not recommending any difference in treatment between UK and overseas policyholders.
A copy of the advice can be viewed here.