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Long-term Savings

We worked closely with Government and Pensions Dashboards Programme in support of the Pension Schemes Act 2021 which will ensure that all pension schemes make data available to consumers via dashboards. We lobbied throughout the Bill process, winning the case for multiple dashboards in a regulated environment, with the Government overturning amendments that would delay and restrict dashboards, and committing to proposals to authorise and regulate them. Responding to the groundbreaking provisions on climate risk in the Act, we raised our profile on ESG in pensions, sponsoring the Pensions Policy Institute’s research series on ESG, showcasing the research and speaking at its launch.

Received strong recognition from Government and partners for our detailed work to ensure expansion of the Dormant Assets Scheme works for life & pensions providers. The Dormant Assets Bill, now being debated in Parliament, is much clearer on the products in and out of scope. Aligned to this, we secured the inclusion of firms’ ability to verify data using Government sources as an explicit objective of the group advising on the scheme’s expansion. The Minister responsible publicly thanked us for our work on Dormant Assets in her speech to an ABI event on financial wellbeing. At the same event, our data principles for supporting vulnerable customers was launched and well received following detailed input from members across the ABI.

We are involved in several cross-industry projects, on productive finance, small pots, cost and charge disclosure, estimated retirement income and the idea of a statement season. Proposals for a standardised Simpler Annual Statement are now more flexible, with the key information and its position in the first two pages mandated. This is more in line with our proposals, with scope for additional information and electronic versions, rather than the exact format and wording being prescribed.

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