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Press comment: High Court decision could make state pensions key battleground at looming election

03/10/2019

If you are covering today’s decision by the High Court to dismiss a challenge against the government’s handling of the rise in women’s state pension age, please find below commentary from Jon Greer, head of retirement policy at Quilter:

Jon Greer“The High Court’s decision to dismiss claims made by campaign groups that the state pension age rise was discriminatory will be a blow to women born in the 1950s. It had been claimed that if the equalisation of state pension ages between men and women were to be reversed it could cost the government in excess of £180bn, so from their perspective they will be very relieved, particularly given current concerns about state pension funding as it is.

“The review made note that the government acted in a lawful way, so it is inevitable that this decision will result in more political pressure placed upon the government to implement a change. Before coming to power, the Prime Minister did indicate it was an issue he was keen to sort out. As such, with a general election around the corner, and the issue not going away anytime soon, this could become a key battleground to attract votes from a disaffected demographic.

“For those not affected by this case and approaching retirement, however, it should serve as a wakeup call to ensure they have their own financial affairs in place. People cannot rely solely on the state pension, and with constant tinkering around retirement ages, tax allowances and the such, it is clear professional financial advice plays a key role in ensuring people are up to speed and aware of any legislative changes that will affect their retirement.”

For more information contact

Gregor Davidson020 7002 716407917 522784gregor.davidson@quilter.com
Tim Skelton-Smith02380 916 99807824 145 076tim.skelton-smith@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.