I recently met with the Equitable Life Members Action Group (EMAG) in Wythall to support their campaign for Equitable Life pensioners to be compensated after the demise of the company’s pension scheme in 2000.
Over 1 million pensioners are affected nationwide (1,000 in Bromsgrove) and the Parliamentary Ombudsman has found government regulation was at fault and recommended compensation should be provided. However, this has not been forthcoming.
Joy Coley, activist with Bromsgrove EMAG, said “We are still waiting 10 years later for justice and compensation. The Liberal Democrats have consistently supported our cause and at present are the only political party that can be trusted to give the Equitable Pensioners reasonable compensation.”
It is a disgrace that the Government has found billions to bail out the banks, but over the last 10 years has not paid a single penny to Equitable Life pensioners. The Government shouldn’t compensate for company failures but in this case it was poor regulation by successive governments which were found to be at fault. Almost 40,000 people have died waiting to be compensated. The Liberal Democrats will seek a fair resolution as soon as possible in the next parliament.