Masterclass speaker, Andrew Tully, Technical Services Director at Nucleus

As we approach our next Headlinemoney Masterclass, speaker Andrew Tully, Technical Services Director at Nucleus, discusses speculation ahead of the Budget and potential changes to pensions over the next couple of years, and explains why it is vital for journalists to keep up to date with ongoing changes to rules, legislation and regulation.

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

We will cover topical issues around pensions and those taking retirement income. That includes the Government proposals to include pensions within IHT from 2027. Examining insight from FCA data around retirement decisions people made in the last year. Consider potential tax changes within the forthcoming Budget and look at the many upcoming changes to pension legislation and regulation.

What are the current issues in your area journalists should help their readers understand?

There is so much happening in the world of pensions. Ongoing tax changes including pensions falling within Inheritance Tax from 2027. And regular rumours of further changes, including within the November Budget.

Meanwhile a review of the state pension age is underway and will report back next year, and the Government has established a Pensions Commission to consider wider change to help people.

Recent FCA data gives great insight into how people are accessing their pensions and some of the decisions they are making. Some of those statistics indicate the need for more advice and guidance and the FCAs Targeted Support should be introduced during 2026 which aims to help people make better decisions. The Pensions Dashboard is also due to go live during 2026  

With the Budget coming up, are there any particular topics you are planning to discuss in the Masterclass?

There has been much speculation around changes in the Budget. We will consider the potential options including changes to tax-free cash.

Any general tips for money writers covering your sector?

There is no such thing as a stupid question. No matter how long you work in the industry there are areas where you need to check or discuss certain aspects.  The legislation and regulations are constantly changing and it’s an area that never stands still.

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

It would be good to see the benefit which pensions can bring to people highlighted more frequently.

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

We will include research which we have undertaken during September (that we will release during November) – that covers how confident people feel about their retirement, and views on a number of changes or proposals including changes to tax-free cash, pensions & IHT, advice & guidance, and the state pension.

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

Continuing development and education is important in any profession and journalism is no different. There are many complex and wide-ranging areas of the market to understand. And constant ongoing change in terms of tax rules, legislation and regulation. Keeping up to date with changes and, most importantly, what those mean to customers/the public is hugely important. 

The Headlinemoney Masterclass will be held on Thursday 13 November 2025, where Andrew Tully will be joined by other experts from financial services companies to give succinct overviews of their sectors for financial journalists. Find out more and book a place.