L&G has revealed that it is joining the ABI as a member with immediate effect. The announcement comes as the ABI aims to strengthen its focus on pension investment and the bulk purchase annuity market, as well as ongoing work around workplace pensions and adequacy.
L&G previously cancelled its ABI membership in 2014 but has worked with the association on several projects of mutual interest in recent years, including the tracking of the industry’s pledge to invest £100bn in productive finance following the reform of Solvency II.
Laura Mason, CEO, Retail, will represent L&G at the most senior level with the ABI’s governance structure.
"We are delighted to welcome L&G as a member. They will further strengthen the excellent work of the ABI and increase our strong representation of the sector," Andy Briggs, ABI president and group CEO, Phoenix UK, said.
"The pensions and insurance sector is vital to securing retirement outcomes for millions of people across the UK," António Simões, group CEO, L&G, said, "shaping a strong, collective industry position will be critical as the UK’s retirement, capital and investment framework evolves and the ABI will play a central role."
Mason added: "I am delighted to bring L&G’s deep expertise across retirement and protection to support the ABI’s work to improve outcomes, widen access to long-term savings and help people feel more financially secure. Working alongside others in the industry, this partnership gives us a real opportunity to strengthen the market, drive innovation and make a meaningful difference for millions of people."
Hannah Gurga, ABI Director General, commented: "The ABI is working at the heart of conversations to improve resilience and retirement outcomes for millions of customers across the UK. Having L&G onboard is a fantastic boost for our work and for the sector to operate as one voice. We’re thrilled to have them within our membership."
