More than 2,000 Basingstoke and Deane residents lost their hard-earned savings after the life assurer Equitable Life’s near-collapse in 2000.
After a decade-long fight for justice, Parliament is finally pushing through a bill that will enable the Treasury to hand out compensation.
An estimated 1.3million people nationwide who trusted their savings to the life assurance giant lost anything from £5,000 to £250,000 pounds after the company crashed.
The Equitable Life Bill, first debated on Tuesday September 14, is being passed through the Commons and will finally make it possible for compensation to be paid out from the middle of next year.
Eric Rivron, 70, lost £58,000 of his life-savings to the pension firm.
He said: “It’s ridiculous that it’s taken this long. Governments simply see old people as a soft touch.”
The Kempshott pensioner is a member of Equitable Members Action Group (EMAG), a support group for Equitable Life victims.
He said: “There are people in this borough who have invested over 40, 50 or even 60 years.
They may be in their 70s or 80s now and are unable to afford to heat their houses or are having to sell their homes.”
Now that the bill is being passed through the Commons, Mr Rivron and EMAG are stepping up the pressure on MP Maria Miller to ensure that Parliament decides upon fair compensation.
Maria said: “The last government simply kicked this problem into the long grass and was willing to let people die before they sorted out the problem.
“Since getting into power, the Conservatives have acted very fast to try and put in place a payment scheme for people who have lost out.
“However, we have to take into account the public purse, and reach a solution that is fair to taxpayers.”
Maria has signed the Equitable Life Pledge, promising to “support and vote for proper compensation for victims of the Equitable Life scandal”.
Mr Rivron, however, does not think his MP is doing enough.
“Maria says all the right words, but there’s no action,” said the pensioner. “We have to remember that she’s a member of the cabinet, so she has to toe the party line. Now that this bill is being debated, we need to step up the pressure.”
