HOW THE DISASTER UNFOLDED

1762 Founded 1913 Starts to sell pensions 2000 Unable to pay £1.5bn of obligations to policyholders

2004 Former bosses accused by a judge of presiding over ‘a culture of manipulation and concealment’ 2008 Ombudsman tells Government to set up compensation fund 2010Former auditors Ernst & Young are fined £500k plus costs of £2.4m 2010 Chancellor George Osborne announces £1.5bn compensation 2020Policyholders receive £1.7bn in transfer to Utmost Life & Pensions, if vote is approved in November