Alistair McQueen, Head of Savings & Retirement at Aviva, comments on the government’s decision to raise the threshold for the tapered annual allowance from £110,000 to £200,000:
“Today’s action positively removes the vast majority of people from any issues related to the tapered annual allowance. The higher-than-expected increase is good news. Pension tax relief will mark its 100th birthday in 2021. It is a core part of a system that is seeing more people saving for their retirement today than ever before.”
Colm Holmes, Global CEO, general insurance at Aviva said:
“We welcome the Chancellor’s announcement in today’s Budget to increase funding for flood defences, which will bring vital protection to thousands of home and business owners across the UK. It’s right that additional funding will go directly to those communities worst hit in the latest flooding as well as supporting resilience measures.
“Increased funding for flood defences is an important step, but we still believe Government also needs to take urgent action and prioritise stricter planning and building regulations to prevent new homes being built in high risk areas without adequate flood protection or property resilience measures. Since 2009, over 1 in 10 new homes have been built in high risk areas, and without more stringent planning regulations more people and properties will be put at risk, especially as they do not benefit from Flood Re. We believe the Government should take a holistic approach to flood prevention to ensure greater protection for communities, as well as providing grants towards property level resilience for those buildings which aren’t protected by traditional flood defences.”
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Media Enquiries:
Fiona Whytock
Retirement, Savings and Investments
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Phone
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+44 (0) 7800 692 299
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Email
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Other
Liz Kennett
General Insurance — Products and regulation
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Phone
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+44 (0) 7800 692 675
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Email
Notes to editors:
- We are the UK's leading diversified insurer and we operate in the UK, Ireland and Canada. We also have international investments in India and China.
- We help our 20.5 million (as at 31 December 2024) customers make the most out of life, plan for the future, and have the confidence that if things go wrong we'll be there to put it right.
- We have been taking care of people for more than 325 years, in line with our purpose of being 'with you today, for a better tomorrow'. In 2024, we paid £29.3 billion in claims and benefits to our customers.
- In 2021, we announced our ambition to become Net Zero by 2040, the first major insurance company in the world to do so. While we are working towards our sustainability ambitions, we recognise that while we have control over Aviva’s operations and influence over our supply chain, when it comes to decarbonising the economy in which we operate and invest, Aviva is one part of a far larger global system. Nevertheless, we remain focused on the task and are committed to playing our part in the collective effort to enable the global transition. Find out more about our climate goals at www.aviva.com/sustainability/climate and our sustainability ambition and action at www.aviva.com/sustainability.
- Aviva is a Living Wage, Living Pension and Living Hours employer and provides market-leading benefits for our people, including flexible working, paid carers leave and equal parental leave. Find out more at https://www.aviva.com/about-us/our-people/
- As at 31 December 2024, total Group assets under management at Aviva Group were £407 billion and our estimated Solvency II shareholder capital surplus as at 31 March 2025 was £7.6 billion. Our shares are listed on the London Stock Exchange and we are a member of the FTSE 100 index.
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