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Retirees reconsider their pension plans after Covid-19


New data reveals that retirees are already taking steps to revisit their pension plans due to the impact of Covid-19, although non-advised pensioners are much less likely to have taken action.

By the end of April, 1 in 4 advised clients were already looking to make some tweaks to their pension plan, the research conducted by Quilter shows.

In contrast, just 1 in 20 non-advised retirees said they were planning to change tack.

Quilter’s survey of UK adults* asked consumers how they were managing the financial impact of the Coronavirus pandemic. Retired participants were asked about their pension plans, and whether they planned to make any changes or not.

The data shows that reducing withdrawal rates is the most common step among advised clients, with 9% saying this was something they were looking at. A further 6% said that a return to work was a possibility.

Overall around 25% of people with a financial adviser said they were looking at making some revision to their plans, with equity release or unlocking value in a second property also being considered.

In contrast, only a relatively small minority of non-advised people reported that they were planning to make any changes to their pension plans, with 95% saying they weren’t yet making any changes.

Ian Browne, retirement expert at Quilter, says:

“Managing a retirement plan is a careful balancing act. A prosperous and comfortable level of retirement income needs to be balanced against protecting the longevity of savings. Retirees need to keep their plans under regular review to ensure that they’re on track as their circumstances change.

“Understanding the impact of a fall in the market in retirement is complex. This is not the same as for those customers in accumulation where they have time to ride out the storm. For retirees, they need to understand the long-term impact on the sustainability of their pension, and consider whether it is necessary for them to adapt their plans.

“This could include reducing withdrawals, tapping into other assets such as cash reserves, unlocking value from property, or for those newly retired, considering whether a return to work is the best course of action.

“There is no silver bullet and it is important to make sense of these options and the impact each could have. Doing so with the help of an adviser will enable people to make informed choices, and this data suggests that within 6 weeks of the lock down starting, a quarter of advised clients were already making adjustments.

“Non-advised retirees should be cautious about burying their head in the sand and hoping for the best. This is unlikely to yield a good outcome and they could do lasting damage to retirement plans, causing strife later in their retirement journey.”


*Survey conducted by Toluna on behalf of Quilter between 27-30 April 2020 with 1014 UK adults

For more information contact

Michael Glenister020 7778 963807469

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.