Equitable Life pay extended

THOUSANDS of pensioners who lost money when insurance company Equitable Life went bust in 2000 will be compensated with payments of £5,000 each.

Around 9,000 savers aged 60 or older who took out plans with the company before 1992 will receive the funds, the government said yesterday, with those on pension credit due another £5,000.

Prior to the changes, Equitable Life compensation was only due for those who had started plans after 1992.