Old Mutual Wealth/Quilter Pension Reviews, Transfers, Drawdown and More

If you have an "Old Mutual Wealth" statement in your files, you are likely looking for Quilter. Following a major demerger from Old Mutual plc and a comprehensive rebranding that concluded in 2021, Old Mutual Wealth now operates as Quilter.

In 2026, Quilter is one of the UK’s leading wealth management firms, overseeing billions in assets for over 900,000 customers. They are renowned for their "advice-led" approach, meaning their products are designed to be used alongside a professional financial planner to maximise tax efficiency and long-term growth.

If you would like independent advice about your options with an Old Mutual Wealth Pension or whether Quilter is the right pension provider for you, get in touch below.

Quilter’s Primary Pension: The Collective Retirement Account (CRA)

Quilter’s flagship pension product is the Collective Retirement Account. It is a modern, flexible pension wrapper that allows you to manage your retirement savings in a highly surgical way.

• Extensive Choice: You have access to over 3,000 funds from 250+ fund managers, as well as exchange-traded investments (ETIs) like shares and ETFs.

• Family Linking: One of Quilter’s standout features. You can "link" your pension with the accounts of up to four generations of family members. Quilter then calculates your fees based on the total combined value of the family’s assets, often dropping everyone into a lower, cheaper fee tier.

• Multi-Asset Solutions: Many Quilter clients use their "WealthSelect" managed portfolios or the Quilter Cheviot Managed Portfolio Service (MPS), which are actively managed to stay within your specific risk comfort zone.

Putting an Old Mutual Wealth (Quilter) Pension into Drawdown

Quilter is a specialist in "sustainable decumulation" - the art of taking money out without running out.

• Flexi-Access Drawdown: From age 55 (rising to 57 in April 2028), you can take your 25% tax-free lump sum and set up a flexible income.

• The "TRIO" Strategy: Quilter offers a unique automated regular payment option called TRIO. This allows you to take a monthly income that is purely tax-free cash, a mix of tax-free cash and taxable income, or purely taxable income. This is designed to help your fund last longer by minimising your immediate tax bill.

• Phased Crystallisation: You can choose to move small "slices" of your pension into drawdown over several years, which is a highly effective way to manage Inheritance Tax (IHT) and your personal income tax allowance.

Alternatives to Drawdown

• Annuities: Quilter provides an "Open Market Option," meaning they can facilitate the transfer of your funds to any annuity provider in the UK to secure a guaranteed income for life.

• Small Pot Payments: If you have small old pots (under £10,000) within Quilter, you may be able to take them as cash without triggering the Money Purchase Annual Allowance (MPAA) restrictions.

Reviewing and Transferring Your Pension

Reviewing an Existing Old Mutual Wealth Pot

If you have a legacy Old Mutual Wealth or Skandia pension, a professional review in 2026 is critical.

1. Fee Audit: Older legacy policies often have higher "unbundled" charges than the modern Collective Retirement Account.

2. Investment Health: Older "managed" or "with-profits" funds may be underperforming compared to modern multi-asset strategies.

3. Beneficiary Check: Following rebranding, it is essential to ensure your "Expression of Wish" (who gets the money when you die) is digitally recorded on the Quilter portal.

Transferring To and From Quilter

• Transferring IN: Quilter is a major hub for consolidation. They use the Origo electronic transfer system, meaning cash transfers from providers like Aegon or Fidelity typically complete in 8 to 14 working days.

• Transferring OUT: You are free to move your money to another provider at any time. Quilter does not charge exit fees on their modern CRA, but they will deduct any outstanding management charges before the transfer completes.

Pros, Cons, and Customer Reviews (2025-2026)

The Pros

• Award-Winning Service: Consistently rated 5 stars by Defaqto and frequently wins "Best Platform" at the UK Platform Awards.

• Family Discounts: The ability to lower your fees by linking family accounts is a major financial advantage.

• Strong App: The Quilter app and Customer Centre are highly rated for clarity and security.

• TRIO Functionality: One of the most tax-efficient ways to take regular income in the UK.

The Cons

• Adviser Focus: The platform is quite technical and is generally designed to be managed by a financial adviser rather than a pure "DIY" investor.

• Complexity: The sheer range of trusts and withdrawal options can be overwhelming without professional guidance.

What Customers are Saying

"The transition from the old name to Quilter was smooth. I love the new app—I can see exactly where my money is and how much tax-free cash I have left." — Trustpilot Review, Jan 2026

"Excellent service. When I called about my drawdown, I spoke to a real person in the UK who knew exactly what they were talking about. No robots." — Member Feedback, Dec 2025

How Our IFA Service Can Help

At Money Helpdesk, we connect you with Independent Financial Advisers (IFAs) who are experts in the Quilter ecosystem. Because Quilter is an "advice-led" platform, having an IFA is the key to unlocking its most powerful features like Family Linking and TRIO.

Our IFA service helps you by:

1. Fee Optimisation: We set up your "Family Linking" to ensure you and your relatives are paying the lowest possible percentage in fees.

2. Income Shaping: We use the TRIO tool to build a retirement income that keeps you within the 20% tax bracket.

3. Legacy Investigation: We dig into old Skandia or Old Mutual Wealth policies to ensure you don't lose any "Protected Tax-Free Cash" higher than 25%.

4. Whole-of-Market Search: We provide an objective comparison to see if Quilter is still the best home for your money compared to a SIPP from AJ Bell or Fidelity.

Get started here to begin a free, no-obligation chat with an IFA who can provide independent advice about your options with an existing Old Mutual Wealth Pension or whether Quilter is the right pension provider for you.