UK consumers that saved for retirement in Equitable Life were hit hard by the company's problems in 2000. Compensation payments have not yet been agreed but things now seem to be moving following the announcement of the Equitable Life Payments Scheme Bill in the Queen's Speech on the 15th May 2010. When will compensation be agreed and how will it work?

A Guide to the Equitable Life Payments Scheme Bill

Although no firm decisions have yet been made on compensation for those that have pensions in Equitable Life, this may now happen sooner rather than later. Savers may also be better off under this scheme than they would have been with the previous government. The Parliamentary Ombudsman, Ann Abraham, who drew up a report in 2008 on the situation, describes this move as "welcome news."

Under the terms of the bill, the coalition government has given the go-ahead to HM Treasury to make payments to those that qualify when the time comes. These payments will not be means-tested and compensation is also likely to be paid to the families of policy holders who have died in the interim period. The aim here is to provide a "fair and transparent" payments system.

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