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Press comment: More employers providing pensions info, but gaps remain

07/03/2019

If you’re covering the employer engagement survey from the Department of Work and Pensions, please see the following comment from Jon Greer, head of retirement policy at Quilter:

Jon Greer“Since 2015, there has been a 25% increase in the number of employers providing information to their workers about workplace pensions, bringing the total to 83%. This is encouraging growth, which is likely driven by auto-enrolment. However, government need to continue to apply pressure and give support to employers so that number edges closer to 100%.

“It’s not all positive, however, as still less than 60%  of employers are providing information on pension freedoms. Pension freedoms requires engagement and if people do not have any awareness of the options they will have available to them, it’s impossible for them to plan appropriately. In fact people may be more willing to part with their day to day to income and put it into their pensions if they know there is flexibility on when and how they withdraw that money.

“As people are working longer and retirement trends are shifting, employers are becoming vital sources of information about funding retirement and pensions in particular. As the figures from the DWP reveal, nearly 80% of employers have employees over 50 and almost 30% have a majority of older workers.

“Shifts towards flexible working arrangements in later life are still relatively low, with just 6% of employers saying they received requests for changing working patterns from employees approaching retirement, but encouragingly the vast majority say they will accept requests.

“Maintaining some kind of work later in life is likely to become more common and it’s encouraging that employers are willing to be flexible.”

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 £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.

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.