What is happening with the GAR Rectification Scheme set up in 2000?
Equitable stated on 31 March 2003 “It became increasingly obvious during 2002 that the original proposals, launched by the Societys former Board, to compensate holders of GAR policies who retired before the House of Lords ruling in 2000, needed to be changed. This review is now well advanced and has revealed that the original scheme is very complex, time-consuming and may not be fair to continuing members. As a result, we have decided to withdraw the current scheme and are now assessing alternative approaches that will speed up and resolve the longstanding need to provide appropriate, fair compensation for eligible policyholders in a sensible time scale. We will send details to those affected as soon as the proposals for the alternative scheme are completed, which will be within the next several months. We are aware that progress has been painfully slow and for that we are very sorry.
