The Association of British Insurers has announced the appointment of Mario Mazzocchi as the new chair of its Long-Term Savings Committee.

Mazzocchi is the current chief operating officer, insurance and wealth at Lloyds Banking Group, and succeeds Standard Life CEO Barry O’Dwyer as the new ABI chair.

Mazzocchi joined Lloyds in 2003 and formerly served as managing director of financial planning and retirement for over two years.

In addition to serving as the ABI’s Long-Term Savings Committees’ chair, he will also hold a seat on the ABI Board.

The Long-term Savings Committee oversees the direction of all the ABI’s policy work in relation to long-term savings and retirement. The Committee is now focusing on the progression of auto-enrolment, the development of the pensions dashboard for public use and the advancement of the retirement market since the introduction of pension flexibilities.

ABI director of long-term savings and protection policy Yvonne Braun said: “I’m delighted to welcome Mario as the next chair of our Long-term Savings Committee. This is a key time for the long-term savings industry as it looks ahead to how it can best serve our ageing population, and what needs to happen to ensure consumers can make the most of the new pension flexibilities.”

Mazzocchi added: “The ABI’s Long-Term Savings Committee plays an important role in representing the sector to legislators and regulators. The significance of long-term financial planning will continue to grow as the nation comes to grips with how best to fund longer and longer retirements. The pensions industry continues to evolve and modernise and the Committee can help drive this evolution.”

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