Equitable Life redress scheme costs Treasury £2.6m in three months

The Treasury has spent more than £2.6m administering the Equitable Life payments scheme (ELPS) in the three months to November, government figures have shown.

Treasury expenses data for November last year (£25,000+) revealed that operational costs of the scheme in August and September alone cost the government £2.2m, while it spent £350,000 on 'implementation' in August. It spent a further £136,000 on actuarial support from Towers Watson in respect of the scheme during September and October. The Treasury said the figures were in line with expected operational costs for the scheme, as the total administration budget was set at £57m by the National Audit Office (NAO) in April last year. However, it admitted that the budget may need to be r...