Equitable Life Payment Scheme

Delivering improved banking and investment services to lower costs.

Equitable Life Payment Scheme

The Equitable Life Payment Scheme was set up in 2010 to make ex-gratia payments to eligible policyholders who had suffered a loss in the regulation of Equitable Life.

Over £1 billion has been paid to over 930,000 Equitable Life policyholders through
the Scheme. HM Treasury (HMT) were responsible for the Scheme policy.

NS&I Government Payment Services (NS&I GPS) were chosen by HMT to process payments and manage customer interactions via phone and post. This decision was taken because NS&I GPS could quickly establish the service.

The challenge

  • Tracing 1 million policyholders
  • Verifying historic data
  • Real time eligibility verification

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The results

The Equitable Life Payment Scheme has achieved its key objectives


Traced and paid £1 billion

Over £1 billion has been paid
to over 930,000 Equitable Life policyholders through the Scheme.


Speed of implementation

HMT requested NS&I GPS to provide the services in January 2011 and the first payments were issued within 6 months.


Improved the service

Enhanced the operational model to improve the service to policyholders and introduced the ability to verify policyholders in real time over the phone which resulted in quicker payments.

The work included


Reliable systems and processes

NS&I GPS used a tried and trusted secure workflow system based on the NS&I retail model and over 150 years of experience of delivering similar services.


Modern banking engine

Secure storage and management of customer and financial data, and the capability to handle high volumes of payment transactions.


Seamless customer experience

General requests and queries were all processed through a dedicated contact centre.

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