Kelly Greig Joins Money & Pensions Service’s Group To Shape Financial Strategy
Leading national law firm Irwin Mitchell’s head of Later Life Planning has been invited to a prestigious challenge group for the Money & Pensions Service.
The Money & Pensions Service has introduced its UK Strategy for Financial Wellbeing, which is a ten-year plan to shift and improve the financial lives of the British public. As a part of this, Irwin Mitchell’s head of Later Life Planning, Kelly Greig, has been invited to sit on the Future Focus: Decumulation and Later Life challenge group.
The Money & Pensions Service is sponsored by the Department for Work and Pensions, providing money and pensions guidance for the British public. Having spent a year finalising, its UK strategy for the next ten years was published early this year.
The challenge group is chaired by Professor Dame Carol Black of the Centre for Ageing Better and includes leading individuals from Age UK, Scottish Widows and HMRC among others. The group will work together to identify strategic priorities and build a ten-year framework for later life planning that will help the British public to make the most of their money and pensions.
Irwin Mitchell is the only law firm to have been invited to any of the challenge groups, having been a vocal spokesperson for later life planning. Its recent report, ‘Care Crisis: A Tipping Point’ outlined the impending 2029 tipping point for the UK elderly care system to go past the point of no return.
The report also found that many councils and care homes do not have plans in place for the ageing population issue, that a wealth gap is being created with only 10% of households being able to afford nursing from their income, and that workers need to save hundreds of pounds more into their pensions each month – so the Decumulation and Later Life challenge group couldn’t come at a better time.
Expert Opinion“I’m delighted to have been selected for the Decumulation and Later Life challenge group, which has selected a truly fantastic group of people to work together in fundamentally changing the way the UK plans for later life.
“We have long championed later life planning; having published our report on the care crisis in February, which found the elderly care crisis’ tipping point in 2029, is approaching much sooner than we thought.
“There are many ways we can remedy this before disaster strikes, and this challenge group will be a great help in the way we look at planning ahead for later life. I look forward to working with everyone involved and being a part of shaping the future in this sector.” Kelly Greig - Partner
More information about the challenge group can be found here.