A Southampton MP is calling on residents who had pensions with Equitable Life to make sure they get the compensation promised to them by the government before it is too late.

“Although 450,000 people have now received a compensation cheque, about 20% remain untraced,” said Labour MP for Southampton Itchen MP John Denham.

He says the Equitable Life Payments Scheme was set up by the coalition in 2011 to pay up to £1.5 billion to victims, and £600 million has already been paid out. But many people have moved without giving their new address and an alarming number seem to be unaware that they are entitled to a payment. The Treasury is planning to shut down the scheme in 2015, with many pensioners at risk of remaining unpaid.

Potentially there are more than 400 people in Southampton Itchen alone missing out on thousands of pounds in compensation. Nationally the figure is close to 200,000.

If you think you have an eligible policy but have not yet heard from the Scheme, you can first confirm that your policy is eligible for the Scheme by telephoning the Scheme’s “Policychecker” service on 0300 0200 150. Or write to Equitable Life Payment Scheme, PO Box 4110, Glasgow G58 1EL quoting your full name, address and your Equitable Life policy number in all correspondence.

The Scheme website can be found here or here.

“It would be such a shame if having worked all their lives, these 200,000 pensioners miss out on the money that has been allocated to them – and it’s tax-free too!” said Mr Denham.