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Equitable boss urges investors to accept £2bn payout

Equitable Life chief executive Chris Wiscarson says policy holders should accept a settlement of £2bn from the Government.

Wiscarson told Sky News: “If we take the number of £4bn-£4.8bn and go to the lower end of that, what can the government really afford? £2bn for policy holders – that would be a great start.”

Wiscarson said that thousands of policy holders have written to Treasury financial secretary Mark Hoban, reminding him that he agreed with the Parliamentary Ombudsman Ann Abraham’s recommendations that a reasonable payout for the losses would be between £4bn and £4.8bn.

Wiscarson’s comments come hours ahead of a parliamentary debate around the issue and a vote over a bill which will allow the Treasury to incur the cost of any payout.

The amount available for the policy holders will be announced as part of the Comprehensive Spending Review on October 20th.

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  1. Whats good for the goose is good for the Gander!
    If Equitable Life pensioners, robbed of their just rights are at the mercy of the public sector to decide their fate, then they all in turn should accept the same deals where their inflation proof pensions are concerned and at the same time they should work beyond their retirement age of 60!
    Many of the Equitable Life pensioners (of those still alive) have had no other option than to carry on working and thus continue to pay towards the pensions of those employed in the Public Sector.
    Pay up the full amount owing to those who are left and also the dependents of those who have passed away.

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