Queen’s Speech measure will see Dormant Assets Scheme expanded

[ANOTHER WIDELY-ANTICIPATED feature of April’s Queen’s Speech was the expansion of the Dormant Assets Scheme into the insurance and pensions, investment and wealth management sectors.

According to the government, the main benefits of the DormantAssets Bill would be to unlock around £880m for social and environmental initiatives across the UK, while protecting dormant asset owners and participating businesses. The Bill follows a consultation exercise earlier this year.

A further function of the Bill will be to enable ‘the social and environmental focus of the English portion of funds to be set through secondary legislation’, in line with the model used in the devolved administrations.

A future public consultation is anticipated on the causes to which future funding can be distributed.

The Dormant Assets Scheme was established by the Dormant Bank and Building Society Accounts Act 2008 and is administered by Reclaim Fund Ltd. It was originally expected to bring in around £400m, but over the past decade alone more than £745m has been released to social and environmental initiatives across the UK.

The funding is apportioned between England (83.9%), Wales (4.9%), Scotland (8.4%) and Northern Ireland (2.8%), with funding decisions taken at a devolved level.

Commenting on the expansion of the scheme, Oliver Dowden, Secretary of State for Digital, Culture, Media and Sport, said: “Funds raised through the existing Dormant Assets Scheme have already made a huge difference to vulnerable people and communities across the UK, especially during the pandemic. Expanding the scheme will mean hundreds of millions more for good causes, helping us to build back stronger in the years to come.”

Only cash will be transferred into the scheme; any non-cash assets must first crystallise or be converted to cash before being eligible for transfer. Definitions of dormancy and reclaim values have been tailored to asset classes based on market practice and, where relevant and appropriate, existing regulations.

The owners of the assets will always be able to reclaim the full amount owed to them, and the transfer and reclaim process will be tax neutral.

John Glen, Economic Secretary to The Treasury, commented: “Banks and buildingand-loans associations across the UK are working tirelessly to reunite those with forgotten assets. But if this is not possible, it is correct that these funds will be used to address some of the UK’s most pressing social and environmental challenges.

“The expansion of the scheme means that more people will reconnect with their assets, while at the same time making more money available for legitimate purposes.” q

Practical support helps to alleviate the impact of sight loss

[THERE ARE TWO MILLION people in the UK living with sight loss and by 2050 the figure is set to double. Being diagnosed with any form of sight loss is lifechanging and devastating for both the individuals concerned and their families.

The Partially Sighted Society is a national charity that understands this; it has been providing help and support to anybody living with sight loss for over 50 years.

The society’s range of services includes the design, printing and provision of bespoke school exercise books for children, a specialist low-vision and sight test service, and the provision of aids and equipment to assist those living with sight loss to continue to live full and independent lives.

They are there to offer support for both the practical and the emotional impact of sight loss, by phone and in person. They also offer a range of social and support activities to alleviate the social isolation that comes with sight loss.

Leaving a gift in a will is a meaningful way of helping The Partially Sighted Society to help others. Legacies leave a lasting impact on transforming the lives of those living with sight loss. q