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| Equitable Life compensation bid expected | Equitable Life compensation bid expected |
| (about 2 hours later) | |
| Pensioners hit by the Equitable Life scandal are to make a final bid to persuade the government to pay them full compensation. | Pensioners hit by the Equitable Life scandal are to make a final bid to persuade the government to pay them full compensation. |
| Losses have been put at nearly £5bn, but the pensioners and pension savers may be promised just a tenth of that. | Losses have been put at nearly £5bn, but the pensioners and pension savers may be promised just a tenth of that. |
| The government has already warned that any payout will have to be affordable. | The government has already warned that any payout will have to be affordable. |
| Equitable Life nearly collapsed in 2000 after failing to put sufficient funds aside to pay for guaranteed payouts it promised on some of its pensions. | |
| They were policies it had been selling from the 1950s until 1988. | They were policies it had been selling from the 1950s until 1988. |
| It closed to new business in 2000. | It closed to new business in 2000. |
| The Equitable Members Action Group (EMAG) is sending proposals to ministers before next month's decision on how much they will receive. | The Equitable Members Action Group (EMAG) is sending proposals to ministers before next month's decision on how much they will receive. |
| The company's board is also writing to the Treasury with its own submission. | The company's board is also writing to the Treasury with its own submission. |
| Some people have seen their incomes halved after poor management in former years and poor supervision by government regulators. | Some people have seen their incomes halved after poor management in former years and poor supervision by government regulators. |
| But in July an official report from a former judge Sir John Chadwick suggested that even though total losses were as high as £4.8bn, ministers might only have to pay between 4 and 5 hundred million in compensation. | But in July an official report from a former judge Sir John Chadwick suggested that even though total losses were as high as £4.8bn, ministers might only have to pay between 4 and 5 hundred million in compensation. |
| Policyholders have criticised this and have called for the full £4.8bn to be provided in compensation. | Policyholders have criticised this and have called for the full £4.8bn to be provided in compensation. |
| EMAG spokesman Paul Weir said: "The government should respect the parliamentary ombudsman's recommendations. It should dispose of the work of Sir John Chadwick, which we think is disgraceful. And they should pay proper compensation, not peanuts." | EMAG spokesman Paul Weir said: "The government should respect the parliamentary ombudsman's recommendations. It should dispose of the work of Sir John Chadwick, which we think is disgraceful. And they should pay proper compensation, not peanuts." |