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Press comment: Expat pensions may be used as a pawn in EU negotiations

02/09/2019

If you are writing about the government’s guarantee to uprate the UK State Pension paid to people living in the EU each year for the next 3 years, please see the below comment from Jon Greer, head of retirement policy at Quilter:

Jon Greer“The government’s plans to limit the uprating guarantee for UK state pension recipients living in the EU to just three years was intended to provide some certainty but could end up producing anxiety around pensioner incomes. The government is hoping it can negotiate a new arrangement to ensure this policy continues, however as we have seen since the EU referendum this can be fraught with complexities and may result in state pensions being used as a pawn in wider negotiations.

“As such, given the guarantee is for only three years, and some can expect to live through their retirement to over 100, this announcement will give expat pensioners little comfort. The government needs to ensure expats are well informed about this decision, what it means for their monthly income and present the alternatives well in advance of the three years expiring. This will allow expats to appropriately adapt their financial plans and give them enough time to prepare for new rules around their income growing.”

For more information contact

Gregor Davidson020 7002 716407917 522784gregor.davidson@quilter.com
Michael Glenister020 7778 963807469 144535michael.glenister@quilterinvestors.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.