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Dormant assets scheme expands to unlock potential £880m

 

Investments, pensions and insurance policies will be classified under the scheme

An expansion of the current dormant assets scheme could unlock a further £880m for social and environmental causes.

The UK government intends to legislate for the expansion in an announcement made during the Queen’s Speech.

Dormant assets are left untouched for 15 years or more and cannot be reunited with their rightful owners. The rightful owners are entitled to come forward at any time to reclaim their assets.

An estimated £745million has been accessed in dormant current and savings accounts since 2011 alone.

This includes releasing £150m to help charities, social enterprises, and individuals during the Covid-19 outbreak.

But there are now plans for the scheme to include insurance, pensions and investments.

This expansion was first announced in January this year, but was then referenced in the Queen’s Speech this week.

The Queen’s Speech outlines bills that are expected to be passed by the government over the next year.

Nick Temple, chief executive of the Social Investment Business, said: “Dormant assets legislation should learn from the experience to date and complement the existing landscape, while the Subsidy Control Bill and the Procurement Bill should strengthen and embed social value as they seek to be more effective.”

 

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