Victims of the Equitable Life collapse can finally expect compensation as Liberal Democrat MPs push forward new legislation.
Jo described the announcement as a “massive relief” for the millions of people who lost up to half their pensions in the collapse. It is estimated that more than 700 people in East Dunbartonshire have been affected by the scandal.
The Equitable Life Bill, which was outlined to the House of Commons yesterday, will give the Treasury the authority to make payments to policyholders or dependents who have been fighting the Labour Government for compensation since 2000.
In November 2008, Jo led a debate in Parliament calling on the Government to compensate those who have lost out. A previous Liberal Democrat motion to get compensation for the millions of people involved was defeated in October 2009.
Commenting, Jo said:
“The previous Government continually ignored the millions of people who lost their savings.
“Over the past five years I have been contacted by a great many people in East Dunbartonshire who lost up to half of their pensions in the fiasco. They are angry that the Labour Government failed to act, ignoring Liberal Democrat advice, ignoring the High Court and ignoring an Ombudsman’s 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 money they deserve.”