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Press Comment: Pension Wise service is giving people the tools to dodge scams

26/11/2018

If you are covering the Ipsos MORI evaluation of the Pension Wise service released today, please see the following comment from Jon Greer, head of retirement policy at Quilter:

“Many aspects of pension freedoms are working very well but there are aspects which give cause for concern. While pension withdrawals are at relatively prudent levels, there is worrying evidence of people withdrawing money from pension pots and taking unnecessary tax hits.


“Today’s data from Pension Wise shows the service is helping people to make better decisions about how they save for their retirement, and even more importantly, its evaluation supports the view that Pension Wise is arming people with the tools they need to avoid being scammed out of their life savings. An impressive nine in ten customers feel confident in their ability to avoid scams after an appointment with Pension Wise which is one of their key objectives. Ultimately, government led projects like this are trusted by the public and so arguably even more should be done to raise awareness of the service as it transitions into the ‘Single Financial Guidance Body’.


“Another positive figure from the Pension Wise’s evaluation is that post appointment 72% of customers calculate the income they will need in retirement vs. just 34% of non-users which indicates that an appointment with the body is driving engagement with retirement planning.


“This illustrates that a midlife-MOT to assess an individual's retirement provision, at an earlier stage in life when they have time to do something about it, could be a critical intervention to shepherd people towards the right retirement choices and ultimately enable them to have a prosperous old age.”

For more information contact

Alex Berry023 8072 626007741 151931alex.berry@quilter.com

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.