Compensation for Carshalton and Wallington's Equitable Life victims is long overdue - Brake

May 27, 2010 2:44 PM

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

Tom Brake, Liberal Democrat MP for Carshalton and Wallington, described the announcement as a "long-awaited breakthrough" 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 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.

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

Tom said:

"People in Carshalton and Wallington lost up to half their pensions in this disaster yet Labour turned a blind eye, 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.

"In opposition the Liberal Democrats called for action. Now we are in Government, we are delivering on our promises."

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