Hove MP presses minister about payout delays for pensioners

Posted On 14 Feb 2012 at 11:35 pm

Hove MP Mike Weatherley has written to a government minister about the delays in paying compensation to pensioners in his constituency.

Some, who saved over a working lifetime, still have not received the money that they are due many years after retiring.

Mr Weatherley wrote to fellow Conservative Mark Hoban, a Treasury minister, about the money due to Equitable Life investors.

Nationally almost a million policyholders were affected by the scandal which surfaced 13 years ago.

The company promised returns that it could not deliver and almost collapsed completely before closing its doors to new investors.

Last June Mr Hoban, the Financial Secretary to the Treasury, promised that payouts would be made over three years.

In the meantime thousands of pensioners have died before receiving the money they invested for their retirement.

Mr Weatherley said in his letter: “I have been contacted by a number of constituents about the government’s handling of Equitable Life settlements.

“Indeed, many of these constituents are quite old and further delays are having a significant impact on them.”

Mr Weatherley said: “I wanted to highlight to the minister that the delays in paying out money with relation to Equitable Life is having a considerable impact on the lives of many Hove and Portslade residents.

“A timetable needs to be outlined so that policyholders know where they stand.”

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