The Association of British Insurers (ABI) has updated its governance structure and created a pensions board focused on defined benefit (DB) pensions policy, annuity investment, and the bulk purchase annuity (BPA) market.

The association's new Pension Insurance and Investment Board will look to strengthen its policy focus on pension insurance, annuities and investment.

It will also assume oversight of the Investment Delivery Forum, established to drive and track the £100bn investment commitment made during discussions on reforms to the Solvency II framework.

The ABI confirmed that £10.9bn was invested in the UK during 2024 as part of this commitment.

ABI director general, Hannah Gurga, stated that members had made it clear they wanted a stronger voice in shaping priorities.

“These changes put that principle into practice," she said. "By elevating our product boards and creating the new board, we are sharpening our focus, speeding up decision making, and ensuring members are driving the agenda on the issues that underpin the UK’s long-term financial security and growth.”

The new board will be chaired by Just Group chief executive, David Richardson, who will also join the ABI Board.

He described it as an "honour" to join the board and take on the chair role, adding that the insurance sector played a pivotal role in ensuring pension security and invested billions across the UK to support jobs, growth, and infrastructure renewal.

Meanwhile, the Long-Term Savings Board, which will focus on the defined contribution (DC) workplace pension market, will be chaired by Aviva managing director of wealth and advice, Michele Golunska.

Aviva will continue to be represented on the ABI Board by group chief executive, Amanda Blanc.

Golunska said the board would play a crucial role in tackling cross-generational challenges and supporting retirement adequacy for pension savers.

The ABI’s also announced updates to its governance structure, with existing lead committees for general insurance, long-term savings, and health and protection to become product boards, with enhanced responsibility for determining all policy matters in the markets they represent.

The ABI Board will increase its focus on sector-wide strategic discussions, while retaining oversight of major cross-cutting regulatory, political and consumer issues.

To ensure closer alignment across policy streams, a seat on the ABI Board will be offered to product board chairs whose firms are not already represented.

ABI chair, Baroness Kay Swinburne, stated that the refreshed structure would better support both long-term ambitions and current priorities.

“Members are central to the ABI’s work, and it’s important to ensure our governance arrangements continue to best support long-term strategic ambitions alongside the delivery of our current priorities,” she added.

"This refreshed structure with the elevated product boards provides a robust framework as we work together to drive change for a resilient and thriving society."

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