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Press comment: Uprating guarantee letters to pensioners in the EU will be cold comfort for many

27/09/2019

If you are writing about the Department for Work and Pensions sending out letters to more than 363,000 pensioners living in the EU reassuring them their UK State Pension will continue to be paid after Brexit, please see the below comment from Jon Greer, head of retirement policy at Quilter:

Jon GreerThe government has now written to pensioners living in the EU to confirm that the uprating guarantee will continue to apply to their state pension for another three years. This will be cold comfort for many and simply serve to extend the period of uncertainty. It remains to be seen whether the government will be able to negotiate a new arrangement to ensure this policy continues. At worst, it could result in state pensions being used as a bargaining tool in wider negotiations.

“With many people living into their nineties and beyond, a three year guarantee will be woefully inadequate and only serve to increase their anxiety. It is commendable that the government has set up a dedicated call centre as they need 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
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.