Print Share

Continued decline in QROPS transfers


If you are covering how HMRC latest stats on QROPS show a continued decline in QROPS transfers, please see below comment from Rachael Griffin, financial planning expert at Old Mutual Wealth:

Rachael GriffinWe have known for some time that the QROPS market is maturing. There have been numerous regulatory changes over the years which have made pension transfers to a QROPS more complex, such as the need to have a UK regulated pension specialist approve transfer cases. The new 25% transfer tax charge will undoubtedly show in next year’s numbers where we expect a further decline. However, QROPS transfers are just one part of the jigsaw, and there are other wrappers which advisers will use with their clients to help them meet their long term retirement needs. With defined benefit pension transfer values still at record highs we expect the pension transfer market to continue to be strong.”

For more information contact

Sophie HeywoodOld Mutual Wealth02380 91677007834

Notes to editors:

About Quilter plc:

Quilter plc is a leading wealth management business in the UK and internationally, helping to create prosperity for the generations of today and tomorrow.

Quilter plc oversees £118.1 billion in customer investments (as at 30 September 2018).

It has an adviser and customer offering spanning: financial advice; investment platforms; multi-asset investment solutions and discretionary fund management.

The business is comprised of two segments: Wealth Platforms and Advice and Wealth Management.

Wealth Platforms includes the Old Mutual Wealth UK Platform; Old Mutual International, including AAM Advisory in Singapore; and the Old Mutual Wealth Heritage life assurance business.

Advice and Wealth Management encompasses the financial planning network, Intrinsic; Quilter Private Client Advisers; discretionary fund management business, Quilter Cheviot; and Quilter Investors, the Multi-asset investment solutions business.

The Quilter plc businesses are being re-branded to Quilter over a period of approximately two years:

• The Multi-asset business is now Quilter Investors

• Intrinsic to Quilter Financial Planning

• The private client advisers business is now Quilter Private Client Advisers

• The UK Platform to Quilter Wealth Solutions

• The International business to Quilter International

• The Heritage life assurance business to Quilter Life Assurance

• Quilter Cheviot will retain its name

This press release is for journalists only and should not be relied upon by financial advisers or customers.

Please remember that past performance is not a guide to future performance. The value of investments and the income from them can go down as well as up and investors may not get back any of the amount originally invested. Exchange rate changes may cause the value of overseas investments to rise or fall.

This communication is issued by Quilter plc.  Registered office: Millennium Bridge House, 2 Lambeth Hill, London EC4V 4AJ, United Kingdom. Registered number: 6404270.  Registered in England.