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Aviva announcement signals start of forgotten assets scheme for the pension and insurance sector

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Published on: 06 June 2023

Published by LNB News

LNB News 06/06/2023

Document Information

Issue Date: 06 June 2023

Published Date: 06 June 2023

Jurisdiction(s): England, Northern Ireland, Scotland and Wales

Article summary

Aviva has declared that it is the first company from the insurance and pensions sector to make a transfer into the Dormant Assets Scheme. The scheme allows for ‘forgotten assets’ to be put to use while ensuring their owners can still claim the assets. For around 10 years, the Scheme was only open to banks and building societies. However, in 2022 the Dormant Assets Act expanded eligibility for the scheme. The scheme is looking to further expand to different sectors and, in the meantime, it is hoped other pensions and insurance firms will join.

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