Persuadin the governmnet to repay the outsatnding £3bn compensation to th e1 million Equitable Life victims
The regulators failed these hard working tax payers who did the right thing and saved for their retirement. The Government has admitted liability but is withholding c£3bn compensation whilst at the same time pumping billions into UK banks and Eurozone countries. If the compensation was paid it would be spent to create jobs and wealth and generate taxes and keep pensioners off benefits. It is therefore self-financing but the Treasury refuse to back down so MPs continue to break their pre-election pledges of proper compensation. This undermines faith in MPs, savings and the demopcratic process and will lead to falling numbers voting. MPs should not treat pensioners as a soft target. They should `do the right thing' and honour the debt.
Alan White commented
Come on get behind this and help us, my children say why should they save for a pension when the government does not safeguard the money. All our pension savings are at risk.
not only is the compensation being set at 22%, it is being paid a long time after the losses, so is in fact worth a lot less than this figure.
I lost 10 years of gains on my investment and received back less than I paid in. Even in an average savings account it should have doubled in value!
Successive Governments have failed ordinary Pension savers and presided over an industry that treats customers as cash cows to fuel their business and private excesses. Despite over a decade of campaigning and some 15,000+ people dying without seeing justice; despite clear pre-election promises made flesh in the Queen's speech; despite being able to find billions for Olympics overspend, bailout of the banks, quantitative easing, PO pension scheme and proposals like the ludicrous HS2, the Government continues to believe that this group of people should (from their pensions) contribute at least 78% of their compensation to the greater good.
We seem to live in a country where Justice is only cherished if it is deemed affordable by the privileged.
This was the start of the era of broken promises where honour means nothing and competition means crime. It set the precedent that you can get away with it if you're big and/or always promise to be nice. It is absolutely outrageous that this can happen. What is wrong with our leaders while they standby.
I am one of those who got stitched by this fiasco, robbed blind by Equitable, then robbed again when trying to transfer it out, and the regulators did nothing.