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Budget latest: Equitable Life
5:30pm Wednesday 20th March 2013 in News
REDDITCH MP Karen Lumley has welcomed the announcement regarding Equitable Life, saying the move is justice for pensioners in Redditch.
The Government will make ex-gratia payments of £5,000 to Equitable Life policyholders who bought their annuity before 1992, today’s budget has revealed.
The Government will also make an extra £5,000 available to those on the lowest incomes who are on pension credit.
Mrs Lumley welcomed the news, saying: "I am proud that two years ago Conservatives in Government set aside £1.5 billion to help so many of my constituents who had been let down when Equitable Life failed.
"Now we are helping another 9,000 people across the country.
"It took nearly a decade for the last Labour Government to own up to their responsibilities. We acted immediately."
She added: "This will make a huge difference to the many older people who were affected in Redditch."