Alistair McQueen, Head of Savings and Retirement at Aviva, has commented on a House of Lords report into tackling intergenerational unfairness.1
“Today’s House of Lords report sends a clear message: there is a spirit of intergenerational unity in the UK, but it is at risk. Without positive long-term action, an intergenerational storm may be on the horizon.
“This is an important and wide-ranging report. It deserves careful and thorough consideration, and we should avoid any rush to make judgement.
“We are pleased to see the focus given to the intergenerational challenges of a longer working life, alongside those of housing, education, community, taxation and government planning. The report is correct to state that yesterday’s simple three-phased approach to life – education, work and retirement – is coming to an end. We must all be prepared for the prospect of a more fluid and fuller working life.
The report makes more than 20 references to the potential of a “Mid-Life MOT”, to help workers from mid-life prepare for a longer working life. Aviva is leading the way in the adoption of a “Mid-Life MOT”. From 2019 Aviva’s MOT will help its own people consider their work, wealth and wellbeing from the age of 45.2
“Investing in a Mid-Life MOT is an investment in today’s mid-life workers, and in the generations that follow. The challenge of a longer working life is not going away. So, we must invest today to ensure that age is no barrier to opportunity tomorrow.”
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Notes to editors:
- For information on how Aviva is helping our people, customers and communities impacted by COVID-19 visit: www.aviva.com/covid-19-our-response/
- Aviva is a leading international savings, retirement and insurance business. We exist to be with people when it really matters, throughout their lives – to help them make the most of life. We have been taking care of people for more than 320 years, in line with our purpose of being ‘with you today, for a better tomorrow’.
- Our vision is to earn our customers’ trust as the best place to save for the future, navigate retirement and insure what matters most to them. In 2019, we paid £33.2 billion in claims and benefits on behalf of our 33.4 million customers.
- We will focus on the UK, Ireland and Canada where we have leading market positions and significant potential. We will invest for growth in these markets. Our International businesses in Europe and Asia will be managed for long-term shareholder value. We will also transform our performance and improve our efficiency. Our transformation will be underpinned by managing our balance sheet prudently, reducing debt and increasing our financial resilience.
- Total group assets under management at Aviva group are £522 billion and our Solvency II capital surplus is £12.0 billion (HY20). Our shares are listed on the London Stock Exchange and we are a member of the FTSE 100 index.
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