Equitable Life scheme payouts approach £1bn

The government's Equitable Life Payments Scheme (ELPS) has now issued over £990.5m worth of payments.

Since July 2014, the scheme has issued payments to a further 10,000 policy holders, meaning that out of a million eligible policyholders, over 887,000 have now had payments issued to them. Out of these, 409,221 payments went to individual investors, totalling £555.2m. Also 37,732 initial payments to with-profits annuitants (WPAs) or their estates have been issued by the scheme, totalling £82m. Subsequent annual payments totalling £187.5m have also been issued to annuitants. Just over 440,000 payments totalling £165.8m have been issued to those who bought their policy through the...