Dormant Assets Funding
Turning £44m of unused money into support for Community Action.
The Welsh Government has launched its consultation about how money from unused shares and pensions should be spent in Wales. Responding to the consultation is your chance to shape how that money is used.
UK Parliament passed legislation in 2022 agreeing the release of hundreds of millions of pounds of dormant assets to be used for “good causes”.
This money, which comes largely from shares and pension funds mirrors the process used around a decade ago when dormant bank accounts money was used to set up specific Lottery funding programmes around support for young people, debt and addressing climate change. In 2022 the Act was expanded, meaning an additional £880m became available.
We estimate that approximately £44m will be made available in Wales, over a 10-15 year period.
This funding must be used for environmental or social purposes, and it cannot be used as a substitute for government spending.
Crucially, the decision-making powers over the broad scope of how the funding is used is devolved and the consultation to determine this has now been published.
The consultation includes four options for the funding: children and young people, the climate and nature emergencies, financial inclusion and community action.
It is unlikely to be able to fund all four options and will need to prioritise.
Strong, convincing messages in support of community action and the benefits it brings are what is required at this stage.
Downloadable Resources
-
-
-
You can find the consultation documents here. There are a range of ways you can respond - via an online form, a downloadable form which is emailed to dormantassetsfunding@gov.wales or via a hard copy form.
You will need to respond by February 28th 2024.
As well as responding to the consultation questions, we would encourage you to write to your elected representative(s) at the Senedd. You can tell them about the work your community group does and why it makes a difference to people in your community
-
As well as responding to the consultation questions, you might want to write to your elected representative(s) at the Senedd. You can tell them about the work your community group does and why it makes a difference to people in your community.
We’ve developed some letter writing tips and a template letter which you can download and personalise.
Download our letter writing tips (Eng).
Download our letter writing tips (Cym).
-
We have developed a range of communications assets and messages for use on social media.
If you would like more information or support email us on eleri.williams@bct.wales