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Press comment: BMA won't accept half attempts when it comes to AA

06/12/2019

If you’re covering the British Medical Association’s recent comments on the annual allowance and the impact of the court ruling on 2015 public service pension schemes please see the following  from Jon Greer, head of retirement policy at Quilter:

Jon Greer"Today the BMA have made it clear they do not want any half attempts when it comes to fixing the NHS pension scheme. The only option in their eyes to remove the annual allowance as one third of consultants were impacted by the tax last year and that continues to grow. In fact that number might jump substantially as doctors see payout from the results of the court case surrounding the 2015 pension schemes, which the Department for Health has conceded discriminated against doctors based on age.

"It is clear the annual allowance is not fit for use. In fact the creation of the disastrous tapered annual allowance was meant to pay for the residence nil rate band, helping homeowners burdened with the threat of IHT, while maintaining pension savings incentives for all but the highest earners. That is not what has transpired. Not only have IHT receipts continued to skyrocket, but the tapered annual allowance has punished hard working doctors and other senior public services employees. 

"As the election enters its final few days politicians continue their desperate attempts to win over voters by promising to fix the major problems facing the nation. The issue is these promises lack substance and we need a long-term solution. However, with the government due to pay back billions because of the 2015 pension scheme court case and call for the taper to be scrapped it will need to find some way to balance the books when it comes to public sector pensions."

For more information contact

Kathleen Gallagher023 8072 629307990 004932kathleen.gallagher@quilter.com
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 £109.8 billion in customer investments (as at 30 September 2019, excluding Heritage life assurance).

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 and Old Mutual International, including AAM Advisory in Singapore.

The Old Mutual Wealth Heritage life assurance business was acquired by ReAssure Group Plc on 2 January 2020.

Since its IPO in June 2018, Quilter plc’s businesses have progressively rebranded to Quilter, 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)

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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.