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 |
|---|---|
| Google search | Google search on project name (opens in new window)  |
| Contracts | Contracts search (opens in new window) - under development |
| Organisation | HMT (D15) - see all reports for this organisation |
| Report year | 2013 (data is from September 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.