2013 Report details for project: Equitable Life Payment Scheme

Project name: Equitable Life Payment Scheme - there are 3 reports for this project: 2013, 2014, 2015
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Organisation: HMT (D15) - see all reports for this organisation
Report year: 2013 (data is from Sept 2012)
Category: Transformation - see all reports for this category
Description: The Scheme was established to makes payments to eligible Equitable Life policyholders for their Relative Loss as a consequence of regulatory failure.
DCA (RAG): Amber/Red
DCA text: The Scheme aims to distribute up to £1billion in the first 3 years, but anticipates undershooting this target as a result of not successfully tracing all policyholders. To mitigate against this the Scheme is implementing a publicity campaign to encourage people to come forward.
Start date: 2010-05-01
End date: 2014-04-01
Schedule text: On schedule
Baseline: £19.85m
Forecast: £20.49m
Variance: 3.23%
Variance text: Within tolerance.
Whole Life Cost: £59.17m
WLCost text: The Scheme is broadly on budget with less than 3% overspend against the original, total outturn of £58m. HMT is working to identify potential opportunities for reducing the remaining operational costs, and has already identified c£500k cost reductions.
Notes1: £20,494,997 (as of 14th January 2013)
Notes2:
Sourcefile: HMT_2013.csv

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Acknowledgement: GMPP data has been re-used under the Open Government Licence.