Comment

Aviva comments on Budget 2020

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

Liz Kennett

General Insurance — Products and regulation

Notes to editors:

  • 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 operate through five business divisions: Investments, Savings & Retirement; UK Life; General Insurance; Europe Life; and Asia Life; and focus on three strategic priorities: deliver great customer outcomes, excel at the fundamentals and invest in sustainable growth.
  • Total group assets under management at Aviva group are £510 billion and our Solvency II capital surplus is £12.6 billion (FY19). Our shares are listed on the London Stock Exchange and we are a member of the FTSE 100 index.
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