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Press comment: Pension system for social care is logical

29/04/2019

If you’re covering the Centre for Policy Studies and MP Damian Green’s report on social care, calling for a system similar to the pension system, please see the following comment from Rachael Griffin, tax and financial planning expert at Quilter.

Rachael Griffin“Pension policy is far from perfect, but when compared to other areas of policy, such a social care, it is miles ahead. Today’s proposal from Damien Green applies the logic of the pension system and it’s easy to see why.

“Having a basic amount pledged from the state with private provision covering the rest splits the responsibility of care funding in a manner that is understandable and palatable to the public.

“One of the many problems with the current social care system is the complexity and uncertainty around the provision from the state. Worryingly, people often think the public purse will pay for their care or at least part of it. Even those that don’t are left scratching their heads as to how much they need to pay in before state funding kicks in. The whole thing leaves people confused and vulnerable.

“This is nothing new and is something the government has committed to tackling for years. However, to shift the current structure we need the government to deliver the social care green paper, which continues to be talked about as some sort of mythical being that never reveals itself.” 

For more information contact

Kathleen Gallagher023 8072 629307990 004932kathleen.gallagher@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 £114.9 billion in investments (as at 31 March 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 planning network, Intrinsic; Quilter Private Client Advisers; the discretionary fund management business, Quilter Cheviot; and Quilter Investors, the Multi-asset investment solutions business.

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.

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.

 

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