The Association of British Insurers has announced US-owned fund manager Vanguard as its second platform member.

The ABI’s platform membership was established last year to deal with a growing focus among pension providers on improving transfers and re-registration in the wake of the pension flexibilities. Hargreaves Lansdown was the first platform to sign up.

The ABI says with insurance provider-owned and investment firm-owned platforms it now has a growing presence in this area.

ABI says the move will allow into keep pace with “sweeping changes in the world of long-term savings” in the past few years.

Sean Hagerty, head of Vanguard Europe, said: “Through its new membership category, the ABI has rightly identified that platforms are an increasingly important part of the market and will play a significant role in changing long-term saving and the way individuals save.

“The harsh reality is people are not saving enough for retirement.

“Our membership will enable us to support and help influence Government policy to encourage more people to save and invest for their future. As part of this, we believe investment providers must continue to lower the cost and complexity of investing.”

Andy Briggs, ABI chair, said: “The ABI Board is delighted to welcome Vanguard as our newest platform member.

“Last year, the ABI opened its membership to platforms to reflect the increasingly important role they play in the long-term savings market, given that technology is fundamentally changing how customers interact with their long-term saving choices.

“The market is strongest when it speaks with one voice, and welcoming Vanguard into our membership will help us do just that.”