STOCKPORT'S EQUITABLE LIFE VICTIMS TO RECEIVE COMPENSATION

1.01.00pm BST (GMT +0100) Mon 7th Jun 2010

Hazel Grove MP Andrew Stunell today hailed the coalition government's announcement of compensation for Equitable Life victims as a "massive relief" for the millions of people who lost up their pensions in the collapse.

Victims of the collapse of the life insurance company can finally expect compensation, as Lib Dem MPs bring forward new legislation, announced in the Queen's Speech, that will give the Treasury the authority to make payments to policyholders or dependents who have been fighting the Labour Government for compensation since 2000.

The Liberal Democrats had previously put forward a similar proposal in October 2009, but the motion was defeated by Labour in defiance of an Ombudsman's report that pointed to Government failures that had put funds at risk.

Commenting, Andrew Stunell, who has long campaigned for justice on this issue, said:

"This decision puts right a long-standing injustice for these pensioners, many in Stockport.

"This Bill will be a massive relief to thousands of pensioners, and is long overdue.

"I am delighted that something the Liberal Democrats campaigned for is now finally going to happen. We are using our position in government to give policy holders the money and the justice that they deserve."

ENDS