You are here

Ritchie calls for fair treatment for Equitable Life members

SDLP Leader and South Down MP Margaret Ritchie has called on the government to implement recommendations to make fair and transparent payments to Equitable Life pension members.

Wed 15th September

Speaking during a debate in the House of Commons in Westminster, Ms Ritchie warned the Government not to proceed with alternative plans that would see victims receive only a fraction of the losses they sustained in the financial debacle.

 

She said: “The majority of people who invested with Equitable Life were not in the high earners. Many of my constituents who have been affected were farmers, fishermen, small business men, dinner ladies, librarians and the list goes on of pensioners who during their working lives contributed greatly to society for the minimal of return.

 

“In July 2010 I called on the Government to implement the Parliamentary Ombudsman's recommendations on Equitable Life. Very few MPs backed me - an apathy perhaps fuelled by what many believe to be a misleading statement by the Coalition Government,

 

“The Government said they agreed to implement the Parliamentary Health Ombudsman’s recommendations to make fair and transparent payments to Equitable Life Members.

 

However, this “fair Payment” will not be based on the guidelines set out by the Parliamentary Ombudsman but on the guidelines set out by Sir John Chadwick – appointed by the previous government to devise a system of limited ex-gratia payments only to those disproportionately affected.

 

The Coalition Government appear to be continuing down this road, as we understand that the “Independent Payment Commission” will abide by Chadwick’s proposals. 

 

“Victims would receive less than 10% of their losses and the total sum they are working to repay will be a meagre £400 million in the face of the Treasury’s own actuaries estimating the losses at around £4.8 million.

 

“I would warn the Coalition Government against this route, not only on the grounds of the Independent Parliamentary Ombudsmans’

Recommendations and fairness but on the grounds of what is right and proper at the heart of government.

 

“The Equitable Life affair and its handling by the previous government and this coalition government strikes right at the heart of democracy.

 

“We have a Parliamentary Ombudsman report independent and transparent, overruled by a government directed report which results in less favourable terms for the investors.

 

“Such injustice and manipulation at the heart of successive governments is a great slight on the UK Parliament and democracy.”

 

Margaret Ritchie

Margaret Ritchie MP, Westminster

Email m.ritchie@sdlp.ie
Tel 028 4461 2882

Press Office

Tel 028 90 52 1837

Back to Latest News

Filed Under:

You are here