Update on Equitable Life Payment Scheme (ELPS)

HQBG informed members of the Gurkha Provident Fund in July 2013 that HM Treasury had set up the Equitable Life Payment Scheme (‘the Scheme’) to make fair and transparent payments to Equitable Life Policyholders who suffered financial losses as a result of Government maladministration which occurred in the regulation of Equitable Life.

In October, the Government announced that the Scheme is being extended until 2015 so that as many eligible policyholders as possible can be paid before the Scheme closes.

HQBG received over 7,500 applications and has been overwhelmed with the response from its members.

The Scheme identified 3,543 members of the Gurkha Provident Fund who are eligible for the scheme and are due a payment. To date, 2,726 of these eligible members have come forward. These members will be contacted by the Scheme in the new year.

Untraced members

The Scheme is very anxious to trace these 817 remaining eligible members who are due a payment who have not contacted HQBG and have asked for our help to trace them.

If you haven’t already checked your eligibility please do so as soon as possible. You can do this by phoning the Scheme’s helpline on 0300 0200 150. Please have your policy number at hand before calling. Your policy number is made up of the Gurkha Provident Fund scheme number which is A0239 followed by your army number.

The 3,500 applicants who were either not eligible for the Scheme or were not due a payment should have received a letter from HQBG during October and November to explain their status. These letters provided information to members on how to find out more information on the Scheme’s website and gave their contact details.

 

Ineligible policyholders

If you have been told that you are ineligible for the Scheme but believe that this is incorrect, please check the eligibility criteria on the Scheme’s website. If you believe that you are eligible, you must send evidence showing that you had paid into a With-Profits policy during the qualifying period, preferably by sending the Scheme documentation from Equitable Life such as a statement. Please send photocopies and not original documents. Full details on eligibility are available on eligible policies page on the Scheme’s website.

Members who have been told that they are not due a payment

Not all members who are eligible for the Scheme are due a payment. To be due a payment, your individual policy must have made a Relative Loss. A Relative Loss is where the actual returns received, or expected to be received, from Equitable Life are less than if the investment had been made in a similar product with a comparable company. Some Equitable Life policies made a Relative Gain so these policies are not due a payment. In addition, the Scheme does not make payments on Group scheme policies that are due less than £10.

The Scheme’s website provides answers to many questions you may have. There is a telephone helpline that can check on a policy’s eligibility and answer general questions but cannot discuss individual cases over the phone. The phone number is 0300 0200 150 and it is open between 9am – 5pm on weekdays (except Bank Holidays). Calls may be recorded and are charged at the national rate.

Alternatively, you can write to:
Equitable Life Payment Scheme
PO Box 4110
Glasgow
G58 1EL