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Press comment: Figures reveal pension taxation could destroy NHS

01/08/2019

If you’re covering the figures from the BMA, which show 42% of GPs have reduced their hours because of actual or potential pension taxation charges please see the following comment from Jon Greer, head of retirement policy at Quilter:

Jon Greer“No one would have predicted pensions would have the power to bring the NHS to crumble and yet with every week we get more evidence showing us just that. Today the BMA have revealed that an astonishing 42% of GPs have already reduced their hours because of pensions.

“If this does not spur swift action from policy makers then nothing will.

“The new prime minister has already pledged that he will solve the problem of NHS pensions, but the only action we’ve seen to date is the 50/50 proposal, which is the equivalent of a band aid being used when there is a heart attack, and will not solve the devastating scenario we now face.

“At one point there was also a proposal to have a special tax arrangement for schemes, but the former chief secretary to the Treasury, Liz Truss, has already acknowledged in parliament that creating different rules in the tax system for certain sectors is not a practical option as it risks discrepancies and tax arbitrage.

“The only clear path seems to be abolish the root of the problem – the annual allowance taper. While finding the much needed cash for the move will be a treasure hunt, if they don’t the health of the nation is at risk.”

For more information contact

Michael Glenister020 7778 963807469 144535michael.glenister@quilterinvestors.com
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 £118.4 billion in investments (as at 30 June 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.