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Reshuffle comment: the Work & Pensions merry-go-round 

08/01/2018

If you are covering Esther McVey’s appointment as Secretary of State for Work and Pensions, please find comment from Jon Greer, head of retirement policy at Old Mutual Wealth.

Jon Greer“It is disappointing that one of the most important jobs in government, which has a huge bearing on people’s financial wellbeing, has become a merry-go-round. The DWP has a huge budget, overseeing billions in state retirement support and other benefits, as well as implementing crucial private savings programmes like auto-enrolment. It is currently tasked with conducting a review of auto-enrolment policy, including looking at extending pension saving to 18 year olds exploring how the UK’s five million self-employed can be supported to save for the long-term. These are crucial issues for the UK’s long-term financial security and our personal prosperity.  

“Esther McVey will have some understanding of the brief from her time as Parliamentary Under-Secretary for Work and Pensions. However, setting retirement policy and ensuring we have a well-functioning state pension system is a long-term project which is put at risk if the minister responsible for the DWP changes for one year to the next.  

“Those planning ahead for their retirement need certainty and stability when it comes to government policy so that they can make informed financial planning choices. We need a minister to stay in the role for a number of years with a real commitment to properly scrutinising any proposed legislative changes to the pension system.”

For more information contact

Tim Skelton-SmithOld Mutual Wealth02380 916 99807824 145 076tim.skelton-smith@omwealth.com
Michael GlenisterOld Mutual Wealth020 7778 963807469 144535michael.glenister@omwealth.com
Kathleen GallagherOld Mutual Wealth023 8072 629307990 004932kathleen.gallagher@omwealth.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 £118.7 billion in investments (as at 30 September 2019).

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: Advice and Wealth Management and Wealth Platforms.

Advice and Wealth Management encompasses the financial advice business, Quilter Financial Planning; the discretionary fund management business, Quilter Cheviot; and Quilter Investors, the Multi-asset investment solutions business.

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

The Quilter plc businesses are being re-branded as follows: 

  • Quilter Financial Planning (previously Intrinsic)
  • Quilter Private Client Advisers (previously Old Mutual Wealth Private Client Advisers)
  • Charles Derby Group (becoming Quilter Financial Advisers)
  • Quilter Financial Adviser School
  • Quilter Cheviot
  • Quilter Investors
  • Old Mutual Wealth (becoming Quilter Wealth Solutions in 2020)
  • Old Mutual International (becoming Quilter International in 2020)

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

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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.