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Compensation for Berwick's Equitable Life victims is long overdue - Beith

May 28, 2010 12:00 AM

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

Liberal Democrat MP for Berwick upon Tweed Sir Alan Beith described the announcement as a "massive relief" for the millions of people who lost up to half their pensions in the collapse.

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.

A previous Liberal Democrat motion to get compensation for the millions of people involved was defeated in October 2009.

Sir Alan Beith said:

"The previous Government continually ignored the millions of people who lost their savings.

"People in the Berwick upon Tweed lost up to half their pensions in the fiasco yet Labour failed to act, ignoring Liberal Democrat advice, ignoring the High Court and ignoring an Ombudsman report.

"This Bill is a massive relief to thousands of pensioners and is long overdue.

"I am delighted that something the Liberal Democrats have been calling for can now finally happen. We are using our position in Government to give policyholders the compensation they deserve."

The full text of the written statement to the Commons is available here:

http://www.publications.parliament.uk/pa/cm201011/cmhansrd/cm100526/wmstext/100526m0001.htm#10052611000010

Vince Cable tabled an Opposition Day Motion on 21 October 2009. The motion is available here: http://www.theyworkforyou.com/debates/?id=2009-10-21c.918.1

Vince Cable tabled a cross-party EDM in May 2009 urging the Government to accept the Parliamentary Ombudsman's recommendations on compensating Equitable Life policyholders. The motion can be found here: http://edmi.parliament.uk/EDMi/EDMDetails.aspx?EDMID=38586&SESSION=899

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