Thursday, May 27, 2010

Compensation for Equitable Life victims is long overdue

Local victims of the Equitable Life collapse can finally expect compensation as Liberal Democrat MPs push forward new legislation.

Some of our local firms had pension schemes with Equitable Life. Many of my colleagues were affected and I had many letters and emails from people during the general election who were worried that years of saving would amount to nothing.

The previous Government continually ignored the millions of people who lost their savings. The Equitable Life Bill, which was outlined to the House of Commons on Wednesday, will give the Treasury the authority to make payments to policyholders or dependents who have been fighting the Labour Government for compensation since 2000.

I am delighted that we are using our position in Government to give policyholders the money they deserve.

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