Govt eyes £400m life and pensions unclaimed policies for charity donation

Using its proposed definition of dormancy, the Commission estimates there is £400-500m of dormant insurance and pensions assets that have accrued and may be available now, with a further £40-50m becoming dormant on an annual basis thereafter. In a paper published today, the Commission said: "There is considerable scope for insurance and pensions products to be included within an expanded scheme, though first a robust, industry specific definition of dormancy is required." The paper specifically mentions protection contracts such as term assurance and whole of life.  The government ...