In 2023, Reclaim Fund Ltd opened the Dormant Assets Scheme to include long-term Insurance assets and personal Pensions.  

With Aviva joining as our first trailblazing participant – and Legal and General rapidly following suit – the sector has taken its first steps towards our trusted, well-governed process that protects customers and delivers lasting social impact at scale.  

The Insurance and Pensions sector plays a critical role in providing financial security across every stage of life. We know that firms have a huge responsibility to serve their customers and members, and want to maintain the upmost trust and transparency.  

The Dormant Assets Scheme champions best-practice tracing and reunification efforts, guaranteeing consumers’ rights to reclaim their money. You remain in control of your customer relationship, welcoming them back to your business if they come forward later, and RFL reserves funding to repay them. 

Dormant Insurance products in scope of the Dormant Assets Scheme are long-term insurance contracts that are not a with-profits policy, an industrial branch policy, or the subject of a trust. Unclaimed Insurance assets are defined as dormant 7 years after the owner has died or the contract term has ended. 

Dormant Pension products in scope are income withdrawals and personal pensions with money purchase arrangements. Unclaimed Pensions assets are defined as dormant 7 years after the owner has died. 

Reunification is always the priority, and the Scheme allows firms to keep their vital customer relationships and guarantee their right to reclaim. 

In 2024, the Association of British Insurers (ABI) published a participation guide to help firms understand how the Scheme operates and prepare them for their participation.  

The success of the Scheme is underpinned by strong, collaborative relationships between participating firms and RFL. From large multinationals to small community-based banks, RFL work closely with firms to support a smooth journey to participation, tailored to each organisation’s systems and processes.   

These relationships continue well beyond the initial onboarding. RFL maintain ongoing, trusted partnerships with our participants, supporting regular transfers and reclaims over time.