What is the pensions impact of the Dormant Assets Scheme?

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Published on LexisPSL on 14/05/2021

The following Pensions Q&A provides comprehensive and up to date legal information covering:

  • What is the pensions impact of the Dormant Assets Scheme?

What is the pensions impact of the Dormant Assets Scheme?

What is the Dormant Assets Scheme?

The Dormant Assets Scheme (the Scheme) is a scheme led by industry and backed by the government with the aim of reuniting people with their financial assets. Where this is not possible, this money goes towards social and environmental initiatives across the UK. Significantly, owners are able to reclaim what they would have been owed had their asset not been transferred into the Scheme at any time.

The Scheme initially targeted bank and building society account balances.

The Dormant Bank and Building Society Accounts Act 2008 provided the legislative framework for this.

For more information, see Practice Note: Dormant accounts (subscription dependent).

Expansion of the Scheme

Following the establishment of an Independent Commission on Dormant Assets (the Commission) in December 2015, the Commission recommended that the government include a wider range of dormant assets in the Scheme. In March 2018, the government confirmed its commitment to expand the scheme to a wider range of asset classes, and said that the core principles of the existing Scheme should be maintained. The report said the government would appoint senior industry figures from the banking, insurance, pensions, investment, wealth management and securities sectors to lead further work.

Following the request, in April 2019, the government published an industry-led report authored by industry champions from the banking, securities, insurance

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