What is the Equitable Life scandal?
The Equitable Life Assurance Society closed to new business in 2000 after a House of Lords ruling required it to honour the guaranteed bonuses it had promised to policyholders. The ruling exposed a black hole in the Society’s finances – forcing it to acknowledge that policyholders’ pensions were worth far less than they had been told, resulting in over a million people suffering significant losses
What is EMAG campaigning for?
EMAG is campaigning for:
- the 895,000 traced victims to receive the remaining 78% of their recognised losses
- equality of treatment for those who took out With-Profits Annuitant (WPA) contracts pre-1992
- disclosure of how the Treasury’s calculations were made
- retention of data so that further payments can be made
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