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:
- Aviva provides life insurance, general insurance, health insurance and asset management to 33 million customers.
- In the UK we are the leading insurer serving one in every four households and have strong businesses in selected markets in Europe, Asia and Canada. Our shares are listed on the London Stock Exchange and we are a member of the FTSE100 index.
- Aviva’s asset management business, Aviva Investors, provides asset management services to both Aviva and external clients, and currently manages over £331 billion in assets (as at 31 December 2018). Total group assets under management at the Aviva group are £470 billion (as at 31 December 2018).
- Aviva helps people save for the future and manage the risks of everyday life; in 2017, we paid out 98% of all our claims across all our markets and insurance products. We paid £34.6 billion in benefits and claims in 2017.
- By serving our customers well, we are building a business which is strong and sustainable, which our people are proud to work for, and which makes a positive contribution to society.
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