As we approach our next Headlinemoney Investment & Pensions Masterclass, speaker Andrew Tully, Technical Services Director at Nucleus, explains why it is essential for journalists to keep up to date with regulatory changes, and describes why he would like to see the often misunderstood benefits of pensions highlighted more in the mainstream media.

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

We will look at the retirement income market. So how those who have built up pensions during their working life turn that saving into an income stream to help them live through later life. That will include:

1. Planning and advice as people move towards retirement
2. The options in retirement including drawdown, UFPLS and annuity
3. Tax planning and the pension tax rules
4. Sustainability of retirement income and interaction with other savings/income
5. Death benefits and passing pension to family

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

Pensions are a huge and complex topic. But an area that is massively important to many people. They are the most tax efficient way of saving, but the benefits can be misunderstood. We will discuss the tax advantages pensions offer, the choices and options people have when they reach retirement, and how pensions can best be used to help them and their family.

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 that pensions can bring to people highlighted more in the mainstream media. Journalists can play a vital role in helping to get people thinking more about pensions and helping them understand them. In the industry we’re all aware that pensions are something that people need to start thinking about much earlier than they do currently – and this will be increasingly important as we all live longer and therefore need more savings to ensure we have a comfortable retirement. Generally we’re not taught about pensions growing up and so many people don’t understand them and put off thinking about them. There’s a really important role for journalists in helping to bridge this knowledge gap.

Tell us about the big stories in pensions in the past few months. 

In the run up to the Budget on 30 October there has been huge speculation and coverage of pensions and tax benefits. Whether, and how, these may change due to the need for the Government to raise some tax revenue.

State pensions continue to be the bedrock of people’s retirement income but there are many debates around the long-term affordability of these benefits and changes which may be made. State pension age is due to increase to 67 from 2028 and is likely to increase further in future.

The need to encourage greater saving in the UK and for people to take time to plan more for their retirement is critical as many people have moved towards defined contribution saving. We will cover the results of our most recent Retirement Confidence Index which is due out in November.

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.