"It has never been more important to have a plan for retirement "

"It has never been more important to have a plan for retirement "

As we approach our next Masterclass, our speaker from Nucleus Financial, Andrew Tully, Technical Services Director, discusses the constant legislative and regulatory changes in the pensions industry and the role of journalists in de-mystifying the world of pensions so that they become a key component of everyday financial consciousness.

Can you give a quick overview of what your Masterclass session will cover?

We will look at pensions, ranging from paying money into pensions, the state pension, the different types of private pensions, and particularly focussing on those approaching and in retirement.

What are the challenges surrounding your topic journalists should help their readers understand? How will you be discussing this at the Masterclass?

Pensions are a wide ranging and complex topic. Our ageing population and move away from defined benefit pensions to defined contributions puts more onus and risk on individuals. And constant legislative and regulatory change means there are always things to write about. It is a hugely topical and important sector.

Any general tips for money writers covering your sector?

There are always things to write about on pensions, given the constant change we see. There’s no such thing as a silly question. It can be a complicated area so always worth asking. 

What would you like to change about how journalists cover your area of expertise?

It has never been more important to have a plan for retirement and this is something journalists can really help us with, shining a light on the well documented problem that people are not saving enough early enough. And helping us to explain and de-mystify the complex world of pensions so that they become a key component of everyday financial consciousness

Tell us about the big stories in your sector in the past few months. Could these be rolling stories?

As mentioned there are always lots around pensions. A big tax change, the abolition of the lifetime allowance takes effect from 6 April 2024. 

Around state pension there are debates around the triple lock and whether that should continue and potential increases to state pension age. 

Extensions to automatic enrolment to cover more people are agreed but no implementation date yet so debate around when that should happen. 

The lack of confidence people have around their retirement and how much to save is an increasing issue. And how and when people should turn their savings into a retirement income.

And lots more, not least the forthcoming general election and the impact that may have on pensions policy

Finally, why is it important for journalists to have access to initiatives such as Headlinemoney Masterclasses?

Many of these topics – pensions, savings, mortgages and so on - are hugely important and have a huge impact on people’s lives. People need help and guidance especially given regular changes, and well-informed debate, campaigns and insightful articles can help people understand the topic and give them pointers on what to do. 

The Headlinemoney Masterclass will be held on Thursday 18 April 2024, where experts from four other financial services companies will give succinct overviews of their sectors for financial journalists. Find out more and book a place.

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