Nucleus, the largest independent adviser platform group in the UK with over £100bn of assets under administration, has today launched a new CPD learning zone, available to advisers and paraplanners who support all of its propositions - Nucleus Wrap, James Hay, Third Financial, Curtis Banks and Talbot and Muir. 

It provides instant access to Chartered Insurance Institute (CII) certified learning and development material, allowing users to refresh existing planning knowledge, and learn more on technical topics and upcoming regulatory change, at a time that best suits them.  

The learning zone hosts a suite of exclusive on-demand webinars and live event recordings, presented by Nucleus’ in-house technical experts. CPD certificates are issued upon completion of modules, providing the evidence to help users track their development progress. The learning zone can be accessed through Nucleus’ website via its Illuminate Tech subsection.

The specialist content covered includes structured modules in areas such as ‘An adviser’s guide to taxation of trusts’ and ‘Adding value to clients through effective planning’ modules. There will be a new series of updates specifically focused on the lead-in to the 2025 Autumn Budget, along with an analysis of what Rachel Reeves presents and its implications for financial planning.

Commenting on the new resource for advisers, Nucleus Marketing Director, Stephen Wynne-Jones said: “With Andrew Tully and his team we have some of the industry’s brightest and most knowledgeable technicians, who have decades of experience in helping advisers navigate the complex pensions and tax landscape. Our new learning zone provides a single platform to consolidate all the fantastic resources they create, wrapped around helping advisers with their continuous professional development.”  

Andrew Tully, Technical Services Director at Nucleus added: “CPD is important to ensure advisers stay up to date in an ever-changing environment. As its likely many regulatory changes are on the near horizon, our new learning zone makes it even easier for advisers to get up to speed on key topics and feedback what they would like to learn more on, all while working towards their CPD goals.”   

Enquiries:

Linda Harper - Head of Public Relations  (Monday - Wednesday)  T: 07876 145309
E: newsroom@nucleusfinancial.com

Notes to editors:

Nucleus Financial Platforms is one of the UK's leading independent groups for investment platforms, products and wealthtech software.

It’s the only large-scale group with a comprehensive range of bespoke platform solutions to meet the needs of advisory and wealth management firms of all sizes.

It operates the Nucleus Wrap and James Hay Online retail investment platforms, and through Curtis Banks and Talbot and Muir is one of the UK’s largest administrators of SIPP and SSAS products.  

With the wealthtech experience of Third Financial and Dunstan Thomas, Nucleus now powers some of the industry’s leading product providers, advisory firms and consolidators, discretionary investment managers, and institutions, with enterprise-wide, platform software solutions. 

Working exclusively in partnership with over 5,200 financial advisory firms, the group now administers over £101bn of investments on behalf of over 250,000 UK customers, seeking to deliver great service and financial outcomes for them, and ultimately help make their retirement more rewarding.  

Nucleus Financial Platforms, the largest independent adviser platform group in the UK, has today announced the appointment of Andrew Ring as Chief Financial Officer.

Andrew will join in September, and as well as becoming a member of the Executive Committee, he’ll also join the group board.

He brings with him two decades of experience working across the financial services sector and a proven track record of operating as a chief financial officer. He replaces Alan McDonald who’s been interim CFO at Nucleus since the end of last year and will remain in role until Andrew starts.

Andrew is currently Chief Financial & Commercial Officer for FNZ in the UK, Middle East and Africa, and before that was CFO for the firm’s UK business. Prior to joining FNZ he was Group Finance Director at Hitachi Capital UK and spent eight years at Barclays Group where latterly he was Finance Director for its UK Corporate Banking division. 

Richard Rowney, Nucleus group CEO, said: “We’re delighted that Andrew is joining us. He’s an accomplished finance leader with the skills and acumen that will make a real difference to Nucleus and our ambitious team.

“This is an exciting time as we continue to invest heavily in our proposition and service to drive better outcomes for our customers. Having someone of Andrew’s calibre will help steer our business as we grow and transform in the years ahead.”

“I’d also like to thank Alan McDonald for his leadership as Interim CFO. I’ve thoroughly enjoyed working with him and wish him well for the future.”

Andrew Ring, incoming Chief Financial Officer, Nucleus added: “I’m pleased to be joining Richard and the wider Nucleus team. What they’re building is one of the success stories of the sector, a scale leader that’s sustainably profitable and delivering for its stakeholders. I look forward to getting started and to playing my part in helping drive the next phase of its journey.”

The appointment is subject to regulatory approval. 

Enquiries:

Head of Public Relations
Linda Harper (Monday - Wednesday) T: 07876 145309
Victoria Webb (Wednesday - Friday) T: 07969 113758                    
E: newsroom@nucleusfinancial.com

About Nucleus:

Nucleus Financial Platforms is one of the UK's leading independent groups for investment platforms, products and wealthtech software.

It’s the only large-scale group with a comprehensive range of bespoke platform solutions to meet the needs of advisory and wealth management firms of all sizes.

It operates the Nucleus Wrap and James Hay Online retail investment platforms, and through Curtis Banks and Talbot and Muir is one of the UK’s largest administrators of SIPP and SSAS products.

With the wealthtech experience of Third Financial and Dunstan Thomas, Nucleus now powers some of the industry’s leading product providers, advisory firms and consolidators, discretionary investment managers and institutions, with enterprise-wide, platform software solutions.

Working exclusively in partnership with over 5,300 financial advisory firms, the group now administers over £99 billion of investments on behalf of over 230,000 UK customers, seeking to deliver great service and financial outcomes for them, and ultimately help make their retirement more rewarding.

Third Financial, part of the Nucleus group, has revealed that investment manager City Asset Management is the latest addition to its growing client roster, marking another milestone in its growth trajectory.  

London-based City Asset Management is an independent financial planning and discretionary investment management firm. It has over £800 million in assets under management, which will transfer to Third Financial under an initial five-year partnership.  

Commenting on the deal, Ricky Ali, Commercial Director of Third Financial, said: “It’s a vote of confidence in our team that City Asset Management has committed to working with us for the next five years.  

“We’ve fast become the preferred partner for businesses who need industry leading, technology-driven solutions backed by exceptional client service. Having the financial might and breadth of capability of the Nucleus group behind us makes a real difference to our conversations with ambitious, investment managers like City Asset Management, looking for a stable, committed, long-term partner”.

Nick Coghill, CEO of City Asset Management, said: “We were seeking a proven technology-led platform partner who could help us to deliver the highest standard of service to our clients.  

“With their deep knowledge and experience of the wealth management industry, the team at Third Financial gave us full confidence – not only in their ability to provide a market-leading technology solution, but also in their unwavering commitment to client service and innovation.  We’re pleased to be working with them as our sole platform provider.”  

Nucleus acquired Third Financial last year. The group offers the broadest range of products, services and software options that enable large advisory firms and consolidators, investment managers and institutions, to take some or all control of their platform propositions. 

Enquiries:

Head of Public Relations
Linda Harper (Monday - Wednesday) T: 07876 145309
Victoria Webb (Wednesday - Friday) T: 07969 113758                    
E: newsroom@nucleusfinancial.com

About Nucleus:

Nucleus Financial Platforms is one of the UK's leading independent groups for investment platforms, products and wealthtech software.

It’s the only large-scale group with a comprehensive range of bespoke platform solutions to meet the needs of advisory and wealth management firms of all sizes.

It operates the Nucleus Wrap and James Hay Online retail investment platforms, and through Curtis Banks and Talbot and Muir is one of the UK’s largest administrators of SIPP and SSAS products.

With the wealthtech experience of Third Financial and Dunstan Thomas, Nucleus now powers some of the industry’s leading product providers, advisory firms and consolidators, discretionary investment managers and institutions, with enterprise-wide, platform software solutions.

Working exclusively in partnership with over 5,300 financial advisory firms, the group now administers over £99 billion of investments on behalf of over 230,000 UK customers, seeking to deliver great service and financial outcomes for them, and ultimately help make their retirement more rewarding.

Nucleus Financial Platforms, the largest independent adviser platform group in the UK, has today announced the appointment of two new Non-Executive Directors (NEDs) to its board.

Gail Bragg has joined to chair a newly formed Transformation Committee, which will provide specific oversight of the group’s transformation strategy. Alastair Clarkson will also join the Nucleus group board and will chair the Risk Committee*. Alastair replaces Clare Bousfield who has stepped down.  

Gail is an experienced non-executive director and committee chair, having held board positions across financial services, large charity and public sector organisations.  

She has strong industry and platform transformation experience from her time on the boards of Interactive Investor and Alliance Trust Savings, where she chaired the Transformation, Integration and Remuneration Committees.  Her executive career spanned several FTSE-100 financial services firms including Axa, Friends Life and NatWest/RBS group also with significant roles in business transformation and improvement.

She’s currently a board member at adviser consolidator The Finli Group**, in addition to chairing its Transformation Committee.

Alastair has been on the board of Curtis Banks for the last three years and has continued to chair several of its subsidiaries after the acquisition in 2023. As such he is well regarded by the Nucleus board and the executive management team. He has a broad range of experience sitting on and supporting the boards of corporates, professional bodies and charities, with a focus on risk management and finance.

He also brings extensive senior executive-level risk experience, having spent over 25 years working for Scottish Provident and the Standard Life / Aberdeen group.

Commenting on the appointments, Gordon Wilson, Chair at Nucleus said: “We are delighted to further strengthen our Board with the skills and experiences that both Gail and Alastair bring from their respective non-executive and executive business careers. The entire team at Nucleus will benefit from the contribution they will make to our business.

“I would also like to sincerely thank Clare for her contribution to Nucleus. We’ve valued her counsel during what has been an exceptionally busy chapter in our growth.” 

* Alastair Clarkson’s appointment to the main board is subject to regulatory approval
** Finli Group is not a client of Nucleus.

Enquiries:

Head of Public Relations
Linda Harper (Monday - Wednesday) T: 07876 145309
Victoria Webb (Wednesday - Friday) T: 07969 113758                    
E: newsroom@nucleusfinancial.com

About Nucleus:

Nucleus Financial Platforms is one of the UK's leading independent groups for investment platforms, products and wealthtech software.

It’s the only large-scale group with a comprehensive range of bespoke platform solutions to meet the needs of advisory and wealth management firms of all sizes.

It operates the Nucleus Wrap and James Hay Online retail investment platforms, and through Curtis Banks and Talbot and Muir is one of the UK’s largest administrators of SIPP and SSAS products.

With the wealthtech experience of Third Financial and Dunstan Thomas, Nucleus now powers some of the industry’s leading product providers, advisory firms and consolidators, discretionary investment managers and institutions, with enterprise-wide, platform software solutions.

Working exclusively in partnership with over 5,300 financial advisory firms, the group now administers over £99 billion of investments on behalf of over 230,000 UK customers, seeking to deliver great service and financial outcomes for them, and ultimately help make their retirement more rewarding.

Nucleus has launched a new survey for 2025, exploring the issues that matter most to its users. Tapping into its network of advisory firms - with respondents from across the profession, the Nucleus Voice of the Adviser Survey will be an annual temperature check on some of the biggest challenges facing advisers and the changes shaping the community.  

This year’s survey explored four key areas:

•    How advisory firms are attracting the clients of tomorrow:
  • 86% believe the profession needs to do more to appeal to younger clients yet, fewer than half say they’re currently working with this demographic.  
  • Nearly two-thirds of advisers say referrals are a key source of new business with only 1 in 10 using social media to connect with potential clients.     
•    The rise of the unregulated ‘finfluencer’:
  • 59% said they’ve seen clients negatively affected after following poor or unregulated financial tips online.
  • And only 28% of advisers agreed ‘finfluencers’ have a positive role to play in providing access to financial advice and guidance.    
•    The regulatory landscape and how its impacting advisers:
  • 75% said that staying on top of changing requirements is a challenge.
  • Firms said changes in Government policy were currently the biggest challenge to their firms, with changes to regulation scoring third. 
•    Views on consolidation and firms' ability to attract the next generation of advisers:
  • Mergers and acquisitions remain a talking point in the profession, with 71% believing it’s getting harder for smaller, independent firms to survive  
  • 83% of firms say they’re doing a good job attracting and developing talent in house.  

The research was carried out over a three-week period from 29 May-19 June 2025 and reveals a profession at a pivotal moment – arguably caught between two worlds.

On one hand, traditional values remain strong. Word-of-mouth referrals are still the bedrock of growth, relationships are long-standing, independence is fiercely protected. On the other, advisers report they face a new wave of pressures such as digital disruption, changing client expectations, rising regulatory demands, and a growing sense that younger generations are slipping further from reach.

The profession is navigating the tension between proven ways of working and the need to adapt to connect with the younger generation, respond to the rise of external influences shaping financial decisions, and to operate efficiently while complying with Consumer Duty.

And whilst the report captures how firms are managing that tension, there’s optimism too. Many firms are investing in talent, succession planning, and smarter ways of working. They’re not just looking to survive the changes ahead - but to shape them, especially when considering how to attract a younger demographic to financial advice.  

Paul Bagley, Distribution Director at Nucleus, said: “The voice of advisers is clear: change is not coming - it's already here. The question is no longer whether the profession will transform, but how it will transform in a way that serves both advisers and the clients who desperately need their help and support.

“Our survey results highlight that while regulatory demands and digital disruption continue to reshape the landscape, advisers remain committed to delivering trusted, personal advice in a changing world.

“By investing in talent, embracing smarter ways of working, and staying focused on what clients really value, many firms are not only navigating today’s challenges – they’re helping to define the future of financial advice.

Andrew Tully, Technical Services Director at Nucleus, added: “The FCA’s proposed targeted support regime is a positive step towards closing the planning and advice gap by making regulated guidance more accessible—especially for those dealing with pensions and investment decisions.  

“It offers advisers a valuable opportunity to engage with underserved groups, demonstrate to people that advice may be an option to consider at the appropriate time, and promote greater financial inclusion.  It’s crucial the Government and regulators continue to do more to highlight the benefits of taking regulated financial advice.  

“We’ll continue to champion financial advisers and planners because they’re key to improving confidence of those approaching and in retirement and to lobby government and regulators for a clearer more supportive environment that enables the profession to thrive.” 

 

Download the Nucleus Voice of the Adviser Survey now.

Enquiries:

Head of Public Relations
Linda Harper (Monday - Wednesday) T: 07876 145309
Victoria Webb (Wednesday - Friday) T: 07969 113758                    
E: newsroom@nucleusfinancial.com    

About Nucleus:

Nucleus Financial Platforms is one of the UK's leading independent groups for investment platforms, products and wealthtech software.

It’s the only large-scale group with a comprehensive range of bespoke platform solutions to meet the needs of advisory and wealth management firms of all sizes.

It operates the Nucleus Wrap and James Hay Online retail investment platforms, and through Curtis Banks and Talbot and Muir is one of the UK’s largest administrators of SIPP and SSAS products.

With the wealthtech experience of Third Financial and Dunstan Thomas, Nucleus now powers some of the industry’s leading product providers, advisory firms and consolidators, discretionary investment managers and institutions, with enterprise-wide, platform software solutions.

Working exclusively in partnership with over 5,300 financial advisory firms, the group now administers over £99 billion of investments on behalf of over 230,000 UK customers, seeking to deliver great service and financial outcomes for them, and ultimately help make their retirement more rewarding.

Verso, the wealth management consolidator, has developed a strategic partnership with Nucleus, which is key to supporting its growth plans.

The Verso platform, with the technology provided by Nucleus, is a tailored, enterprise-level solution developed to significantly improve the user experience for its adviser base, in turn enabling them to offer better outcomes for their clients.

Nucleus and Verso have been working collaboratively over the last twelve months to develop and launch the new platform with the transfer of existing client assets well underway.  

Commenting on the partnership, Verso Chief Executive, Alan Mathewson said: “As a result of our buy-and-build consolidator model, we ended up with a proliferation of different platform providers.

Following this period of intense consolidation, we took the strategic decision to bring together the group’s acquired firms under a single brand, a streamlined operational structure, and a new investment proposition.  This included developing our own single platform.  

Nucleus was already the platform provider to an advisory firm we had acquired, so speaking to them about developing our own enterprise-wide solution was a logical step given their scale, financial strength and experience as a leading platform and wealthtech group.

The bespoke solution that we’ve developed together means we’re able to leverage Nucleus’ technology and platform expertise to create a scalable platform that is key to our growth ambitions.  Our goal is to achieve £5bn in assets under management within the next two years.”

Mike Regan, Chief Commercial Officer at Nucleus added: “We pay close attention to trends in the advice market, especially with the growing number of consolidators and large advisory firms who are looking to take more control of the platform experience under their own brand and proposition.  

We’re delighted that Alan and his team placed their trust in us as their enterprise technology partner. It’s a huge vote of confidence in our people, our technology, and our ability to build bespoke solutions for larger advisory firms who want to offer their own platform to meet their specific needs.”

Alongside our long-standing retail platform and retirement product propositions, the wealthtech software expertise of Third Financial and Dunstan Thomas means we’re now the only large-scale platform group that offers a comprehensive range of bespoke solutions for advice and wealth management firms of all shapes and sizes.”

Verso’s most recent acquisition saw it buy the Henley-on-Thames wealth management team from WH Ireland Group plc earlier this year.  Verso has now completed and integrated seven acquisitions since 2021.
 

Enquiries:

Head of Public Relations
Linda Harper (Monday - Wednesday) T: 07876 145309
Victoria Webb (Wednesday- Friday)  T: 07969 113758                    
E: newsroom@nucleusfinancial.com    

About Nucleus:

Nucleus Financial Platforms is one of the UK's leading independent groups for investment platforms, products and wealthtech software.

It’s the only large-scale group with a comprehensive range of bespoke platform solutions to meet the needs of advisory and wealth management firms of all sizes.

It operates the Nucleus Wrap and James Hay Online retail investment platforms, and through Curtis Banks and Talbot and Muir is one of the UK’s largest administrators of SIPP and SSAS products.

With the wealthtech experience of Third Financial and Dunstan Thomas, Nucleus now powers some of the industry’s leading product providers, advisory firms and consolidators, discretionary investment managers and institutions, with enterprise-wide, platform software solutions.

Working exclusively in partnership with over 5,300 financial advisory firms, the group now administers over £99 billion of investments on behalf of over 230,000 UK customers, seeking to deliver great service and financial outcomes for them, and ultimately help make their retirement more rewarding.

Nucleus Financial Platforms, the largest independent adviser platform group in the UK, has appointed Louis Petherick as Chief Risk Officer (CRO).  He will join Nucleus at the start of August and his appointment is subject to regulatory approval.

Louis is an experienced CRO with an extensive track record of operating at executive level across a range of financial institutions.  His experience spans both traditional financial services organisations as well as digitally led companies and wealth management firms.

Louis joins Nucleus from Brooks McDonald where he was Group CRO for 2 years.  Prior to this he was CRO at FNZ UK and spent 5 years at AJ Bell where he was CRO and Executive Board member.  His career also includes senior risk roles at M&S Bank, The Co-operative Bank, Lloyds Banking Group, ING Direct and St James’ Place.  

As well as his extensive track record in leading high performing teams across risk, compliance and financial crime, Louis also brings with him substantial experience of working with regulators.

Richard Rowney, Nucleus CEO said: “I’m delighted that we’ve been able to attract someone of Louis’s caliber at this pivotal time in our growth.  He brings significant experience and expertise in risk leadership, having spent over two decades in major businesses across the sector.”

Louis Petherick, incoming Chief Risk Officer said: “I’ve been really impressed by the strategy the management team has put in place, executing it through growth and building a market-leading retirement focused platform group.

“It’s exciting to be joining the group and I look forward to playing my part as Nucleus embarks on the next stage of its journey.”

Louis replaces current Interim CRO, Richard Collins who joined Nucleus last November in an interim capacity to replace Pete Docherty, who took up the role of Chief Transformation Officer within the group.

Enquiries:

Head of Public Relations
Linda Harper (Monday - Wednesday) T: 07876 145309
Victoria Webb (Wednesday- Friday)  T: 07969 113758                    
E: newsroom@nucleusfinancial.com    

About Nucleus:

Nucleus Financial Platforms is one of the UK's leading independent groups for investment platforms, products and wealthtech software.

It’s the only large-scale group with a comprehensive range of bespoke platform solutions to meet the needs of advisory and wealth management firms of all sizes.

It operates the Nucleus Wrap and James Hay Online retail investment platforms, and through Curtis Banks and Talbot and Muir is one of the UK’s largest administrators of SIPP and SSAS products.

With the wealthtech experience of Third Financial and Dunstan Thomas, Nucleus now powers some of the industry’s leading product providers, advisory firms and consolidators, discretionary investment managers and institutions, with enterprise-wide, platform software solutions.

Working exclusively in partnership with over 5,300 financial advisory firms, the group now administers £100 billion of investments on behalf of over 230,000 UK customers, seeking to deliver great service and financial outcomes for them, and ultimately help make their retirement more rewarding.

Nucleus Financial Platforms, the largest independent adviser platform group in the UK, announces the appointment of Jenny Woods as Group Financial Controller and Jennifer O’Brien as Commercial Finance Director.

Both roles are newly created, strengthening the Finance team as Nucleus continues to invest in its leadership talent to reflect its growth.

Jenny Woods joins from aberdeen group plc, where over 20 years she held various finance roles including Interim Chief Financial Officer of Americas and Head of Group Financial Reporting.

Jennifer O’Brien was most recently Commercial Finance Director at ClearBank, a rapidly growing innovative challenger bank. In her 20 years' experience in financial services, she’s held senior roles at Deloitte, Aegon, the NatWest Group and M&G plc, where she was CFO of the Wealth division.

Alan McDonald, Interim Chief Financial Officer said: “We’re pleased to welcome Jenny Woods and Jennifer O’Brien, both bringing a wealth of experience and expertise in the financial services sector. These roles were newly created to further develop our finance capability as we support the group's continued growth, serving our customers in helping make their retirement more rewarding.”

Commenting on joining Nucleus, Jenny Woods, Group Financial Controller said: “I’m delighted to have taken on this new role to help the senior team drive the business forward. The group has had an impressive growth trajectory over the last few years and I’m excited to be part of the next phase of its development.”

Jennifer O’Brien, Commercial Finance Director, added: “I’m excited to join Nucleus at such an important period for the business. I look forward to working with our talented team and to playing a significant role in supporting its continued success.”

Enquiries:

Head of Public Relations
Linda Harper (Monday - Wednesday) T: 07876 145309
Victoria Webb (Wednesday- Friday)  T: 07969 113758                    
E: newsroom@nucleusfinancial.com    

About Nucleus:

Nucleus Financial Platforms is one of the UK's leading independent groups for investment platforms, products and wealthtech software.

It’s the only large-scale group with a comprehensive range of bespoke platform solutions to meet the needs of advisory and wealth management firms of all sizes.

It operates the Nucleus Wrap and James Hay Online retail investment platforms, and through Curtis Banks and Talbot and Muir is one of the UK’s largest administrators of SIPP and SSAS products.

With the wealthtech experience of Third Financial and Dunstan Thomas, Nucleus now powers some of the industry’s leading product providers, advisory firms and consolidators, discretionary investment managers and institutions, with enterprise-wide, platform software solutions.

Working exclusively in partnership with over 5,300 financial advisory firms, the group now administers £100 billion of investments on behalf of over 230,000 UK customers, seeking to deliver great service and financial outcomes for them, and ultimately help make their retirement more rewarding.

Nucleus Financial Platforms, the largest independent adviser platform group in the UK, has called for greater political consensus around pensions and long term savings policy, renewing its call for an independent commission in an open letter to the new Pensions Minister, Torsten Bell. It’s also been sent to other decision makers across the political spectrum.  

The letter marks Nucleus’s third call for a non-departmental government commission, prompted by a lack of progress in the public’s confidence in securing a comfortable retirement and growing uncertainty surrounding the pensions system. 

Recent pension withdrawals caused by pre- and post-Budget uncertainty, the proposed extension of inheritance tax (IHT) to retirement funds, changes to the lifetime allowance rules, and ongoing speculation around changes to ISAs have all contributed to an uncertain policy landscape, potentially discouraging savers from engaging with the system. 

At a time when the government’s most urgent priority is growth, with significant changes to the UK’s pension system being made to achieve this, there is also an urgent need to foster greater confidence and knowledge in retirement planning. 

Nucleus believes that the case for encouraging long-term savings is clearer than ever, as it would help inject more capital into investment, supporting both individual retirement security and broader economic growth.  

This open letter follows the publication of the second study of the Nucleus Retirement Confidence Index, the group’s annual survey of consumer sentiment towards retirement. The report found that the majority of UK adults were still not confident that they’ll have enough money, alongside a widespread lack of preparedness for retirement and the crucial need for financial education and advice. 

Andy Tully, Technical Services Director at Nucleus, said: “It’s never been clearer that the UK public needs to start planning and saving for later life much, much earlier. But they need support from a pensions system that is consistent, stable and encourages long-term saving. 

“Automatic enrolment was a recommendation by a Pensions Commission reporting in 2004 and 2005, which has been a great step forward in encouraging more people to save for their retirement. 

“However more needs to be done and we firmly believe that establishing an independent savings commission could again make balanced recommendations to encourage long-term savings, while promoting greater consistency in pension and savings rules.

“The government clearly has a focus on boosting economic growth and is looking at the role pension savings can play in this.  We firmly believe that their growth agenda will have more chance of succeeding if people feel confident to save and invest for their future.” 

A full copy of the letter follows: 

By email to:  
Torsten Bell, Pensions Minister 
 

Dear Torsten  

Proposal to establish an independent long-term savings commission 

Congratulations on your appointment as Pensions Minister. We are looking forward to working with you and your office towards providing good outcomes for those saving towards their retirement.  

Nucleus is one of the largest, independent investment platforms in the UK. We help over 250,000 customers manage over £100bn of their wealth, exclusively through independent financial advisers. 

We take our responsibility as the custodian of customers’ money very seriously. As such, we believe the UK needs greater political consensus around pensions and long-term savings, to help more people save more for their retirement in an environment of trust and stability.  

One way to achieve this would be to establish an independent long-term savings commission. The aim for this non-departmental public body would be to review the regime for UK pensions and long-term savings and make recommendations accordingly. Its existence should make it easier to gain cross-party support for proposed changes and engender more stable pensions and long-term savings policy. And ultimately give more confidence in retirement. 

Over the last two years, we have conducted customer research, The Nucleus UK Retirement Confidence Index. Via YouGov, we seek to assess whether people have confidence they’ll be able to retire comfortably.  

Our research clearly – and predictably - highlights those with defined benefit (DB) pensions are most confident. But we know DB is in sharp decline following most private schemes being closed to new joiners or bought out over the last twenty years, and there’s a rapidly growing reliance on defined contribution (DC) pension provision. We’ve evidenced that those relying solely on DC pensions are much less confident of their financial future.  

Automatic enrolment is one key policy that has been a huge success in getting more people to save for their retirement, within the DC environment. This policy was proposed by an Independent Pensions Commission reporting in 2004 and 2005. Perhaps at least partly because it was proposed by an independent body, the introduction of auto-enrolment had from outset, and continues to have, wide cross-political party support.  

While auto-enrolment has successfully created millions of new savers, it’s widely agreed that people are not saving anywhere near enough. The complexity of retirement and tax planning involved in turning a pot of money into a retirement income can’t be overstated. Added to that people need to decide when and how to use money held in other assets such as ISAs, investments and property, alongside pension savings. 

A key area highlighted within our research is the desire for pension savers to have trust in the long-term savings market and have a stable tax and policy environment. Pensions are a long-term investment, and over many years, under various different governments, there have been constant changes and tinkering to the pension tax rules which deter people from engaging with the pension system and negatively affecting their confidence. 

The consultation around the inclusion of most unused pension funds and death benefits within the value of a person’s estate for Inheritance Tax purposes from 6 April 2027 – which has just closed - is the latest example of a very significant change in pension tax policy. 

If Government proceed with including pensions within the estate for IHT purposes, it will drive significant changes to long-term savings behaviour. 

Firstly, it is likely many more people will start to withdraw greater amounts from their pensions at younger ages, and then throughout their later life. Encouraging greater pension withdrawals – which may not be sustainable over the individual’s lifetime – runs contrary to work which FCA has undertaken to encourage more people to withdraw a sustainable retirement income. The Government has recognised this as an issue and Phase two of the Government’s Pensions Review aims to assess retirement adequacy. 

As people withdraw greater amounts at younger ages this increases the likelihood of people falling back on State benefits later in life. Many will also have less capital wealth to cope with the costs of long-term care and may need greater State support than would previously have been the case.  

Secondly, including pensions within the IHT environment is likely to discourage people from making pension savings. Changes such as this are likely to further erode confidence in long-term saving and discourage people from saving towards retirement. 

Behaviour around the 2024 Autumn Budget highlights the problem which can arise when savers are faced with the prospect of constant changes to pension policy. Many consumers decided to withdraw tax-free pension commencement lump sums shortly before the Budget, due to widespread rumours that this benefit would be significantly reduced. 

While we acknowledge it is unwise of people to act on speculation, the lack of stability and the regular changes which people have witnessed helps drive this type of poor behaviour. I don’t believe it is in the interest of consumers, the pension industry or the Government for people to make ill-advised rushed decisions like this.  

In addition, there is ongoing speculation around changes to Individual Savings Accounts (ISAs). ISAs have been a huge success since they were introduced in 1999.  But we’re in danger of ISAs becoming too difficult and complex for people to understand. And, perhaps more importantly, many of the restrictions caused by having multiple different variants puts barriers in the way of customers and the ability for them to simply and easily move from one contract to another as they move through their lives towards, and into, retirement and as their experience of savings develops.

It’s for these reasons, and others such as the future of the state pension system, that we believe the creation of an ongoing, independent long-term savings commission is needed.  

I’m more than happy to meet and discuss our research and thoughts in more detail, along with our CEO, Richard Rowney. Please do get in touch if you have any questions or if there is anything we can help with. 

Yours sincerely 

Andrew Tully
 

Enquiries:

Head of Public Relations
Linda Harper (Monday - Wednesday) T: 07876 145309
Victoria Webb (Wednesday- Friday)  T: 07969 113758                    
E: newsroom@nucleusfinancial.com    

About Nucleus:

Nucleus Financial Platforms is one of the UK's leading independent groups for investment platforms, products and wealthtech software.

It’s the only large-scale group with a comprehensive range of bespoke platform solutions to meet the needs of advisory and wealth management firms of all sizes.

It operates the Nucleus Wrap and James Hay Online retail investment platforms, and through Curtis Banks and Talbot and Muir is one of the UK’s largest administrators of SIPP and SSAS products.

With the wealthtech experience of Third Financial and Dunstan Thomas, Nucleus now powers some of the industry’s leading product providers, advisory firms and consolidators, discretionary investment managers and institutions, with enterprise-wide, platform software solutions.

Working exclusively in partnership with over 5,300 financial advisory firms, the group now administers £100 billion of investments on behalf of over 230,000 UK customers, seeking to deliver great service and financial outcomes for them, and ultimately help make their retirement more rewarding.

Nucleus has extended its range of technical product resources for advisers with the addition of a number of updated pension tools.

They’re designed to free up advisers’ time by making pension calculations easier, helping them keep up to date on the multitude of complex pensions and other policy changes.  

Advisers will be able to work out a client’s annual allowance, including any available carry forward, and also demonstrate how salary sacrifice can boost pension savings.  

The calculators were developed by Dunstan Thomas, the Nucleus group’s specialist fintech solutions subsidiary.  

Annual allowance

The annual allowance calculator helps individuals work out how much they may be able to save into their pension scheme(s) in the current tax year without incurring an annual allowance tax charge.  

Advisers will need details of their client’s pension savings (including defined benefit accrual) going back at least three tax years, as well as their tapered annual allowance amounts, if applicable.  

The calculator will consider the contributions already paid and any unused allowance from the previous three tax years.  

Salary sacrifice

With the salary sacrifice tool, clients will get a better idea of what their take home pay could look like if they decide to give up part of their salary in exchange for pension contributions.  

The calculator considers the impact on income tax and national insurance. It will allow advisers to compare relief at source and net pay/salary sacrifice.  

Advisers will also be able to edit the client’s personal allowance, confirm where they are in the UK for tax purposes and specify whether employer national insurance savings will be passed to the client and at what percentage.  

There is also an option to specify alternative pension arrangements as a way of comparing different pension contribution scenarios.  

Andy Tully, Technical Services Director at Nucleus, said: “Adviser’s time is precious, as is their client’s time, so we want to help wherever possible.  

Within the Nucleus Group we have deep pensions technical expertise. We aim to provide the products and services advisers need to create and manage a holistic financial plan for their clients, so they can achieve their investment goals and ultimately help make their retirement more rewarding.

With all the complex changes around pensions in recent years, having the tools available to demonstrate what clients can save towards their retirement is more important than ever."

The calculators are available to advisers within the Nucleus Illuminate Technical hub. There, advisers will also be able to access technical factsheets on a range of different subjects to do with pensions, investments, tax and trusts.  

The resource hub also includes a series of tech talks on key industry topics, as well as articles from the technical team on matters likely to affect advisers and their clients.  

And the Nucleus Technical Support Team is currently on the road running a series of masterclass workshops, giving advisers an overview of how their clients are affected by what was announced in the recent Budget and the latest changes to pension policy.  

They started this week, visiting Leeds, Edinburgh, Belfast and Birmingham, before concluding in London at the end of the month. Advisers can register here. 

Enquiries:

Head of Public Relations
Linda Harper (Monday - Wednesday) T: 07876 145309
Victoria Webb (Wednesday- Friday)  T: 07969 113758                    
E: newsroom@nucleusfinancial.com    

About Nucleus:

Nucleus Financial Platforms is one of the UK's leading independent groups for investment platforms, products and wealthtech software.

It’s the only large-scale group with a comprehensive range of bespoke platform solutions to meet the needs of advisory and wealth management firms of all sizes.

It operates the Nucleus Wrap and James Hay Online retail investment platforms, and through Curtis Banks and Talbot and Muir is one of the UK’s largest administrators of SIPP and SSAS products.

With the wealthtech experience of Third Financial and Dunstan Thomas, Nucleus now powers some of the industry’s leading product providers, advisory firms and consolidators, discretionary investment managers and institutions, with enterprise-wide, platform software solutions.

Working exclusively in partnership with over 5,300 financial advisory firms, the group now administers £100 billion of investments on behalf of over 230,000 UK customers, seeking to deliver great service and financial outcomes for them, and ultimately help make their retirement more rewarding.