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Britain’s largest centre for pensions, Edinburgh

8,000

insurance jobs in the Edinburgh and South East Scotland region

£1,780 Million

Contribution to the local economy

Innovating

Edinburgh is a global fin-tech hub

Edinburgh is the second-largest financial centre in the UK, driven by its thriving and productive insurance and long-term savings industry which provides over 8,000 high-skilled jobs and contributes nearly £2m to the economy. Edinburgh's insurance and long-term savings legacy stretches back to conversations in the Royal Exchange Coffee Rooms, which led to Scotland’s first mutual life assurance office in 1815. Today, Edinburgh is the biggest employment centre for life and pension jobs in the UK, and our sector plays a pivotal role in supporting Scotland’s capital on the global stage through employment, investment and innovation.

A proud financial services history

Edinburgh has an internationally-recognised record in financial services and is home to some of the UK’s biggest household names like Scottish Widows, Standard Life, Prudential and Royal London. These firms invest in Edinburgh and boost the earning power of people across the city.

ABI Member, Phoenix Group, is vital to Edinburgh’s financial eco-system. The pensions giant is a vital employer and provides skilled, lifelong careers from actuarial, legal and communications. Phoenix also supports local life-savings initiatives such as Scotland’s Charity Air Ambulance, its charity partner for 2019.

Our sector supports Edinburgh as a global centre for innovation

Edinburgh’s financial services history, skilled workforce, low cost of living, and the promising pipeline of talent from its world-leading universities provides the perfect recipe to create a global centre for innovation. ABI Members Prudential and Lloyd’s Banking Group work with FinTech Scotland which brings entrepreneurs, universities, financial services and investors to secure Scotland’s place as a global innovation centre.

Providing cutting-edge technology jobs

Our industry supports Edinburgh as a global centre for innovation by creating a dynamic and thriving digital workforce. ABI Member, Lloyds Banking Group, chose Edinburgh for its new digital tech-hub, creating 500 high-skilled jobs to develop new cutting-edge technology which will help the insurer respond to shifts in customer behaviour.  Similarly, ABI Member and Edinburgh resident, Prudential recently announced 400 new jobs in the city, which look at how technological innovations can be harnessed by the firm to ensure the best outcomes for its customers.

Delivering the digital retirement revolution

Edinburgh is home to ABI Associate Member Origo, Scotland’s longest-established Fin-Tech firm and leading contributors of the Government’s Pensions Dashboard project. Set-up in 1989, Origo is now made up of 70+ strong tech-experts and is supported by several ABI members, such as Aviva and Prudential. The Pensions Dashboards project, which is being supported by the ABI, will enable individuals to find and see information about all of their pension pots in one place.

Preparing the next generation of insurance workers

To ensure Edinburgh remains a global innovation hub way into the future, our sector is boosting skills for the next generation of insurance workers to ensure a pipeline of talent. Standard Life Aberdeen and Phoenix Group are dedicated supporters of the Edinburgh Guarantee Scheme which helps ensure that every young person in Edinburgh will leave school with a choice of job, training or further education. Phoenix Group also works with local schools in the Lothians offering mentoring sessions and Living Wage work experience placements – supporting Edinburgh’s homegrown talent.

 

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ABI  members operating in Edinburgh include:

  • Prudential
  • Phoenix Group Holdings
  • Lloyds Banking Group
  • Royal London
  • Direct Line Group
  • BlackRock
  • UBS
  • NFU Mutual
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