Hannah Gurga: We are sharpening our focus, speeding up decision making, and ensuring members are driving the agenda on the issues that underpin the UK’s long-term financial security and growth.
The Association of British Insurers (ABI) has created an additional pensions-focused product board to strengthen its policy focus on pension insurance, annuities and investment.
The trade body's Pension Insurance and Investment Board will look at defined benefit (DB) pensions policy, annuity investment and matters in the bulk purchase annuity (BPA) market.
The new board will also take on oversight of the work undertaken by the Investment Delivery Forum, the body established by the ABI to drive and track the £100bn investment commitment insurers made during discussions on reforms to the Solvency II framework.
The Pension Insurance and Investment Board will be chaired by Just Group chief executive David Richardson, who also joins the ABI's board.
Richardson said: "It's an honour to join the ABI board and to take on the role of chair of the new Pensions Insurance and Investment Board.
"The insurance sector plays a pivotal role in ensuring pension security for millions whilst investing billions across the UK to support jobs, growth and infrastructure renewal. The ABI champions putting the customer at the heart of our industry and I look forward to helping shape the strategic direction of our sector to maximise the benefits to consumers and the wider economy."
Governance refresh
The ABI's move comes as part of a broader refresh of its governance structure – one it said aims to give greater decision-making to the lead committees for general insurance, long-term savings and health and protection.
It said the committees will now be know as product boards – adding that these groups will now determine all policy matters in the markets they represent.
As part of the refresh, the ABI board will increase its focus on sector-wide strategic discussions, while retaining oversight of any major cross-cutting regulatory, political or consumer issues.
It added that, to ensure alignment across policy streams, a seat on the ABI board will be given to product board chairs where their firm is not already represented.
ABI chair Baroness Kay Swinburne said: "Members are central to the ABI's work and it's important to ensure our governance arrangements continue to best support long-term strategic ambitions alongside the delivery of our current priorities. This refreshed structure with the elevated product boards provides a robust framework as we work together to drive change for a resilient and thriving society."
ABI director general Hannah Gurga added: "Our members have been clear that they want a stronger voice in shaping the priorities that matter most to them. These changes put that principle into practice. By elevating our product boards and creating the new Pension Insurance and Investment Board, we are sharpening our focus, speeding up decision making, and ensuring members are driving the agenda on the issues that underpin the UK's long-term financial security and growth."
The ABI's Long-Term Savings Board will focus its work on the defined contribution workplace pension market. It will be chaired by Aviva managing director of wealth and advice Michele Golunska. Aviva chief executive Dame Amanda Blanc will continue to represent Aviva on the ABI's board.
Golunska said: "The Long-Term Savings Board plays a crucial role in collectively tackling cross-generational challenges to help retirement adequacy for pension savers. I'm delighted to be stepping into the chair role and working closely with colleagues across the sector at such a pivotal moment."
The ABI said Colm Holmes, the UK chief executive at Allianz, remains the chair of its General Insurance Board and Mark Till, chief executive of Unum UK, continues to chair its Health and Protection Board. Both sit on the ABI's main board.
