Corporate Adviser
  • Content Hubs
  • Magazine
  • Alerts
  • Events
  • Video
    • Master Trust Conference 2024 videos
  • Research & Guides
  • About
  • Contact
  • Home
  • News
  • In Depth
  • Profile
  • Pensions
    • Auto-enrolment
    • DB
    • DC
    • Defaults
    • Investment
    • Master Trusts
    • Sipps & SSAS
    • Taxation
  • Group Risk
    • Group Life
    • Group IP
    • Group CIC
    • Mental Health
    • Rehab
    • Wellbeing
  • Healthcare
    • Musculoskeletal
    • Mental Health
    • IPT
    • Wellbeing
    • Trusts
    • Cash Plans
  • Wellbeing
    • Mental Health
    • Health & Wellbeing
    • Financial resilience
  • ESG
No Result
View All Result
Corporate Adviser
No Result
View All Result

SW supports reforming Solvency II

by Muna Abdi
December 1, 2022
Share on FacebookShare on TwitterShare on LinkedInShare on Pinterest

Scottish Widows is reaffirming its support for the Government’s goal of revising the Solvency II regulations in order to increase funds for the infrastructure required for the UK to make the transition to a greener future.

Today, Scottish Widows chief investment officer Craig Thornton will meet with City Minister Andrew Griffith MP to go over the changes and opportunities of the reforms as well as their implementation and effects. The discussion will take place at Scottish Widows’ Edinburgh headquarters.

The goal of the reforms is to restructure the insurance industry’s prudential regulations in a way that benefits the UK market. The present Solvency II framework can make it difficult to invest in long-term, illiquid assets, which is necessary for a market where the insurance industry holds substantial longevity liabilities.

Scottish Widows agreed with the ABI that the Chancellor’s Autumn Statement proposals should be modified to better assist the UK’s goals for green infrastructure while providing high levels of policyholder protection. Additionally, it has acknowledged that the proposed Solvency II reforms, which the ABI has predicted will enable, will enable an additional £100 billion to be invested in productive finance over the next ten years.

Thornton says: “By working together with the insurance industry, the Government and the Prudential Regulation Authority will now be able to unlock a significant investment boost for the UK economy while continuing to help people secure their financial futures.

“Scottish Widows has already invested around £3bn in social housing projects across the UK, however, we will be able to invest billions more in projects which are vital to the growth of the economy and the transition to net zero.

“We’re looking forward to moving on to the next stage of the reform process at pace, which includes working with the Government to accelerate the vital work of identifying suitable investment opportunities in the UK which will benefit from the recently announced changes.”

VIDEO FROM ROYAL LONDON


Find out more about how to support the switching of a workplace pension

Corporate Adviser Special Report

REQUEST YOUR COPY

Most Popular

  • HMRC research raises spectre of Budget cuts to salary sacrifice

  • NatWest Cushon spells out path to £25bn

  • Isio appoints Secondsight MD as client experience director

  • Govt gives green light on bulk transfers to ‘mega funds’ as part of widespread pension reforms

  • Consultants escape regulation but providers face new disclosure hurdles: Pension Investment Review

  • Smart Pension to invest 15pc of default into private markets

Corporate Adviser

© 2017-2024 Definite Article Media Limited. Design by 71 Media Limited.

  • About
  • Advertise
  • Privacy policy
  • T&Cs
  • Contact

Follow Us

X
No Result
View All Result
  • Home
  • News
  • In Depth
  • Profile
  • Pensions
    • Auto-enrolment
    • DB
    • DC
    • Defaults
    • Investment
    • Master Trusts
    • Sipps & SSAS
    • Taxation
  • Group Risk
    • Group Life
    • Group IP
    • Group CIC
    • Mental Health
    • Rehab
    • Wellbeing
  • Healthcare
    • Musculoskeletal
    • Mental Health
    • IPT
    • Wellbeing
    • Trusts
    • Cash Plans
  • Wellbeing
    • Mental Health
    • Health & Wellbeing
    • Financial resilience
  • ESG

No Result
View All Result
  • Home
  • News
  • In Depth
  • Profile
  • Pensions
    • Auto-enrolment
    • DB
    • DC
    • Defaults
    • Investment
    • Master Trusts
    • Sipps & SSAS
    • Taxation
  • Group Risk
    • Group Life
    • Group IP
    • Group CIC
    • Mental Health
    • Rehab
    • Wellbeing
  • Healthcare
    • Musculoskeletal
    • Mental Health
    • IPT
    • Wellbeing
    • Trusts
    • Cash Plans
  • Wellbeing
    • Mental Health
    • Health & Wellbeing
    • Financial resilience
  • ESG

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.