Equitable Life pension victims to take legal action

Over 50s who lost money after the near collapse of Equitable Life have been granted the right to claim for compensation from the government.

More than a million policyholders suffered major cuts to their pension provision after the company lost an expensive legal battle with the House of Lords.

Parliamentary Ombudsman Ann Abraham has accused the government of maladministration over the incident and compensation payments are likely to be demanded by those affected by the incidents.

The government has defended its stance on the Equitable affair, stating that its decision not to pay compensation was taken in order to protect the interest of taxpayers.

Paul Braithwaite of the Equitable Members Action Group applauded the decision to allow legal proceedings, stating that "the tide of moral indignation is finally turning in our favour".

Earlier this week, older people's charities Help the Aged and Age Concern called for government action to provide security for over 50s whose retirement plans have come under threat due to the effects of recession and unemployment.

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