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Press comment: Stephen Timms MP takes the helm of the Work and Pensions Committee

29/01/2020

If you are covering the news that Stephen Timms MP has been elected as Chair of the Work and Pensions Select Committee, please see the following comment from Jon Greer, head of retirement policy at Quilter:

Jon Greer“The Work and Pensions Select Committee has been an influential body known for its harsh line of questioning and ability to hold powerful organisations to account, including the regulators. Frank Field was a force to be reckoned with, but the baton has been passed and Stephen Timms is now taking the helm. These are big shoes to fill, but Stephen has extensive experience in Government and the Shadow Cabinet and we are pleased he will be picking up the baton and leading the Committee in such a critical time.

“He has made a number of vital commitments including reviewing the protections in place for savers so they do not fall victim to scams. We expect him to swiftly urge the Committee to assess the adequacy of investigations into potential pension scams and whether the rules are being enforced sufficiently to deter scammers. Scammers existed long before the introduction of pension freedoms and will exist after so it would be naïve to point the finger of blame at pension freedoms.

“Pensions offer no shortage of material for the committee to investigate and it will be interesting to see which of the many topics make their way onto the agenda. There is the ongoing debate around defined benefit pensions, issues around carers who are propping up the crumbling social care system,  how to continue the success of auto-enrolment, how to ensure the self-employed are saving appropriately for retirement and the list goes on.”

For more information contact

James Ventress020 7002 4025james.ventress@quilter.com
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 £95.3 billion in customer investments (as at 31 March 2020).

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 Quilter 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)
  • Quilter Financial Advisers (previously Charles Derby Group)
  • Quilter Financial Adviser School
  • Quilter Cheviot
  • Quilter Investors
  • Old Mutual Wealth (becoming Quilter Investment Platform)
  • Quilter International (previously Old Mutual International)

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.