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'PAY UP TO EQUITABLE LIFE PENSIONERS' SAY LIB DEMS

November 26, 2008 12:01 AM

A leading Liberal Democrat has demanded that the North East victims of the Equitable Life collapse need and deserve compensation.

Ron Beadle, Parliamentary spokesman for Newcastle North, said he had been contacted by large numbers of elderly residents whose pensions had been lost when Equitable Life collapsed in 2000.

"They are angry and rightly so," Ron told his party's annual meeting in Newcastle last night.

"Last summer the Parliamentary Ombudsman told the Government that it should compensate the victims of Equitable Life.

"They still haven't responded. At a time when Labour is bailing out banks and their executives left right and centre it is outrageous that the government is delaying the victims of this financial scandal.

"The Government knew for a decade that Equitable Life was effectively insolvent and still allowed it to take people's pensions and savings.

"Many of the victims are no longer living and many more are suffering from rises in heating and food bills. They need and deserve compensation.

"Unlike its dealings with its friends in the City the Government has delayed and delayed in helping the innocent victims of Equitable Life.

"On this issue it is morally bankrupt."