Third Financial, the technology-led platform specialist within the Nucleus group, has been selected by independent wealth manager Cauvery to provide custody and platform services through its Model B* proposition.

Cauvery will also benefit from Third Financial's established integration with intelliflo, creating a connected technology environment across advice, custody and investment management.

Cauvery launched its boutique wealth advisory proposition last year, focused on delivering a personalised service to high-net-worth clients. In recent months, it has established a discretionary bespoke investment offering. 

The firm has assembled a highly experienced management team, drawn from some of the UK's leading wealth management firms. Founder Simon Blowey was previously a senior figure at RBC Brewin Dolphin and Andy McGlone, Quilter Cheviot’s former CEO, joined earlier this year.

The partnership with Cauvery further strengthens Third Financial's position as a provider of bespoke platform and custody solutions for discretionary investment managers, advisory firms and wealth management businesses seeking greater control over their propositions while benefiting from specialist operational support.  

In total Third Financial has won the mandate for five new clients so far this year, including Lulworth and Harris Rose. Third’s technology is now used by more than 60 firms and it now manages over £50bn of AUA.

Andy McGlone, Managing Director at Cauvery, said: “When launching our discretionary bespoke proposition, we were looking for a modern technology-led platform that could help us deliver the best service for our clients. Third Financial stood out as the clear choice to deliver the foundation on which to build our client proposition, as well as being a long-term strategic partner who will support our future growth plans.

“An important factor in our decision was Third’s existing two-way integration and partnership with Intelliflo, as we wanted a platform that could seamlessly slot into our existing ecosystem. We’re excited to continue working closely with both businesses to further develop the integration around our own proposition.”

"We feel we’ve found a partner that can provide both the infrastructure and flexibility we need to support our growth, whilst allowing us to remain focused on delivering strong investment outcomes and superior client service. We’re looking forward to working together.”

Ricky Ali, Commercial Director at Third Financial, added: “Being chosen to support Cauvery during the next stage of its growth is a vote of confidence in our proposition.

“The Cauvery team have built a high-quality, founder-led business with a clear vision for the service they want to provide. We’re delighted that they have chosen us as their long-term strategic partner.

“Our Model B proposition is designed to give firms greater flexibility and control over the experience they deliver to their clients, backed by the technology, operational expertise and dedicated support required to help them grow with confidence.”

“Our continued and sustained growth reflects our position as the first choice for investment managers and advisers seeking industry leading technology-led solutions, and a focus on great customer service.”

Alan Easter, Chief Commercial Officer, intelliflo, commented: “Advice firms do their best work when their technology works together. Our platform integration lets client data move from intelliflo office to Third Financial with no logins and no re-keying, for onboarding, valuations and fees, so advisers and their teams spend less time on admin and more time with their clients.

“Lower costs and more accurate and timely data for the firm lead to faster, better-informed advice for the client. We’re proud to sit alongside Third Financial as a core technology powering Cauvery’s operation, and we look forward to continuing supporting the business as it grows.”

*Model B is designed as a B2B setup for wealth management firms. Unlike a retail platform, where the platform controls key aspects of the client experience and proposition, allows the wealth firm to retain its own brand, client relationship and investment proposition, with full control, whilst outsourcing custody, settlement, dealing and operational administration to a specialist provider, such as Third Financial.

Enquiries:

Head of Public Relations        Linda Harper         T: 07876 145309
Public Relations Manager        Alex Anderson         T: 07401 886395                

E: newsroom@nucleusfinancial.com    

Notes to editors:

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 investment management firms of all sizes.

It operates the Nucleus Platform and Nucleus Wrap 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 5,000 financial advisory firms, the group now administers £118bn of investments on behalf of 251,000 UK customers, seeking to deliver great service and financial outcomes for them, and ultimately help make their retirement more rewarding.

About Cauvery

Cauvery is the trading name of Cauvery Wealth Ltd and its subsidiary, Cauvery Capital Ltd. The group is a privately owned, independent boutique wealth and investment manager, working with individuals, families, trustees and other professionals to provide bespoke financial management.

About intelliflo

intelliflo is the UK’s leading provider of financial advice software, empowering firms across the UK and Australia to streamline advice journeys, engage clients and grow their business. Our open architecture and deep industry expertise simplify a complex digital landscape, helping advisers deliver better outcomes with greater efficiency.

Today, intelliflo supports over 29,000 advice professionals, representing around £505 billion in assets under advice and serving more than 2.2 million clients. Together, we’re widening access to advice and powering the future of financial planning.

Research from Nucleus, the largest independent adviser platform group in the UK, shows that, despite it being only months until most unused pensions are included in an individual’s estate for IHT purposes, awareness of the change is worryingly low amongst UK adults.*

Of those who think it applies to them, a staggering two thirds (67%) are unaware. Equally concerning is that amongst those who are aware (31% net), very few have taken action.

• 19% have not done anything about it.
• 4% have spoken to a financial adviser about the change.
• 2% have reviewed or updated their Will as a result.
• 1% have made changes to their pensions, investments or other financial arrangements.
• 5% have researched the change to better understand it.

With the changes coming into effect from the new tax year on 6 April 2027, there is a real and urgent need for the government, as well as the industry, to take action to improve understanding and engagement amongst the public.

Awareness and action increase with age, but 56% of those aged 55+ are still unaware of the changes; just 6% have spoken to an adviser and 2% have checked or changed their Will, with the same number making changes to their financial arrangements.

While just over a quarter of respondents aged 55+ (27%) believe they are unlikely to be affected, one third of all UK adults (33%) expect to receive some form of inheritance, and a further 38% are actively planning to leave money or assets.

Commenting on this worrying research, Andrew Tully, Nucleus Technical Services Director said: “Retirement confidence is being undermined by a policy landscape that too often shifts beneath people’s feet. Frequent legislative and tax changes, including the move to bring most unused pension funds in scope for IHT, risk eroding trust and making long-term planning harder.

“With the new rules only months away, the government must urgently step up communication. The changes will create additional administrative and financial pressure for beneficiaries and personal representatives at an already difficult time, yet public awareness remains worryingly low.

“When pension policy is repeatedly revisited, revised or reversed, certainty becomes harder to achieve. Clear, consistent policy and timely communication are essential if people are to plan for retirement with confidence.

“What has not changed is the value of regulated financial advice. Planning for retirement is increasingly complex and the changing IHT rules have the potential to cost many families dearly without proper, informed preparation.”

* Source: YouGov research for Nucleus between 20th and 26th August 2026. 3,859 UK adults aged 18 and over. Figures have been recalculated after excluding respondents who answered “N/A – This change is not relevant to me/my estate is unlikely to be affected by IHT”.

Enquiries:

Head of Public Relations: Linda Harper (Monday - Wednesday) T: 07876 145309
Public Relations Manager: Alex Anderson T: 07401886395         
E: newsroom@nucleusfinancial.com

Notes to editors:

All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 4859 adults. Fieldwork was undertaken between 20th and 26th August 2026. The survey was carried out online. The figures have been weighted and are representative of all UK adults (aged 18+).

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 investment management firms of all sizes.

It operates the Nucleus Platform and Nucleus Wrap 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 5,000 financial advisory firms, the group now administers £118bn of investments on behalf of 251,000 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 announced the appointment of Dave Reynolds as Chief Technology Officer (CTO).

Dave will join from Quilter at the start of January and will be part of the group’s Executive Committee.  He replaces Jenny Thorpe who will leave at the end of 2026 to take up a new opportunity.

Nucleus is extending the remit of the CTO role to include transformation and change, as well as technology, across the group.  

Dave has over two decades of senior-level experience working globally in the financial services sector. He’s currently Group Chief Information Officer at Quilter and was previously Group Chief Technology Officer for eight years. During his time at Quilter he’s driven the group technology strategy and was responsible for overseeing significant system modernisation and operational improvement.

Richard Rowney, Nucleus Group CEO, said: “The fact we can attract someone of Dave’s experience is a sign of how far our group has come. He’s an exceptional leader with the skills and acumen that will make a real difference to our operation, and his proven track record of delivering large-scale technology and transformation programmes will help drive our ambitious plans forward.  

“This is an exciting time as we continue to invest heavily in our technology so we can deliver improved service to advisers and better financial outcomes for customers.

“I’d like to thank Jenny Thorpe for her excellent leadership and contribution to our strategy and delivery over the past four years.  I’ve thoroughly enjoyed working with her and wish her well for the future.”

Dave Reynolds, incoming Chief Technology Officer, said: “I’m pleased to be joining Richard and the wider Nucleus team at this exciting time. What they’re building is one of the success stories of the sector, a scale leader that’s growing, 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
Public Relations Manager: Alex Anderson T: 07401886395         
E: newsroom@nucleusfinancial.com

Notes to editors:

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 investment management firms of all sizes.

It operates the Nucleus Platform and Nucleus Wrap 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 5,000 financial advisory firms, the group now administers £117bn of investments on behalf of 251,000 UK customers, seeking to deliver great service and financial outcomes for them, and ultimately help make their retirement more rewarding.

Third Financial, the technology-led platform specialist within the Nucleus group, has been selected by discretionary investment manager Lulworth Investment Partners to provide custody and platform services through its Model B proposition.

Lulworth is a discretionary investment management firm focused on delivering a personalised service and portfolio construction to high-net-worth clients. As the firm developed its proposition, it identified the need for a custody and platform partner that could combine technology with the service, flexibility and operational expertise required to support its clients' complex needs.

The partnership further strengthens Third Financial's position as a provider of bespoke platform and custody solutions for discretionary investment managers, advisory firms and wealth management businesses seeking greater control over their propositions while benefiting from specialist operational support.

Harry Sevier, Head of Investment at Lulworth Investment Partners, said: “When building Lulworth, it was important for us to find a partner whose service model aligned with the personalised and flexible approach to portfolio construction we want to deliver to clients. Third Financial stood out as the obvious choice to deliver the foundation for our client proposition and a long-term strategic partner for future growth.

“From the very first meeting, the team at Third demonstrated a clear understanding of our business and ambitions. Their support enabled us to move quickly from our initial agreement through authorisation and implementation in just three months, giving us confidence that we had the right foundations in place as we began onboarding clients.

"With Third we have a partner that can provide both the infrastructure and flexibility needed to support a growing discretionary business while allowing us to remain focused on delivering good investment outcomes and client service.”

Ricky Ali, Commercial Director at Third Financial, added: “Being chosen to support Lulworth during the next stage of its growth is a vote of confidence in our proposition, our people and the backing we have from the Nucleus group.

“Harry and his team have built a high-quality, founder-led business with a clear vision for the service they want to provide. We have worked closely with them throughout their authorisation process and are proud that they have chosen us as their long-term strategic partner.

“Our Model B proposition is designed to give firms greater flexibility and control over the experience they deliver to their clients, backed by the technology, operational expertise and dedicated support required to help them grow with confidence.”

Enquiries:

Head of Public Relations        Linda Harper         T: 07876 145309
Public Relations Manager        Alex Anderson         T: 07401 886395                

E: newsroom@nucleusfinancial.com    

Notes to editors:

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 investment management firms of all sizes.

It operates the Nucleus Platform and Nucleus Wrap 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 5,000 financial advisory firms, the group now administers £117bn of investments on behalf of 251,000 UK customers, seeking to deliver great service and financial outcomes for them, and ultimately help make their retirement more rewarding.

About Lulworth

Lulworth Investment Partners was founded by Harry Sevier having spent over 15 years at Ruffer LLP, where he was a Partner and Investment Director. Harry’s started Lulworth with the objective of creating a modern discretionary investment firm, that is unconstrained by legacy structures, assumptions or scale.

His aim was to combine personal client service with a thoughtful investment proposition focussed on growth in real terms throughout the economic cycle. It also has an innovative fee structure; if the firm fails to deliver on the investment objectives of a client’s mandate, it will reduce its fees.  
 

Third Financial, the technology-led platform specialist within Nucleus has launched a new ‘Pensions as a Service’ (PaaS) proposition, drawing together the combined product, operations and tech strength of the wider group.

The new SIPP is powered by Dunstan Thomas’s operational software and administration, uses Third Financial for custody, and is underpinned by the specialist retirement capability, financial strength and operational scale of the Nucleus group.

It’s white-labelled so takes on the brand of Third Financial’s wealth management clients, enabling them to outsource pension infrastructure components such as administration, processing, and regulatory permissions in an integrated and streamlined way. They retain control over how their proposition is constructed and presented, ensuring their commercial requirements are met while delivering a consistent experience for their customers.

The new SIPP launches first with Titan Wealth. Third Financial already provides the Titan Wealth Platform, with the partnership extension reflecting the strength and continued evolution of the relationship between the two firms. It will also be rolled out to other clients.

Chris Williams, Managing Director, Third Financial said: “Launching our white labelled SIPP helps us to better support clients in building and scaling their own propositions, so they can focus on offering a consistently high-quality experience for their own customers.

“By harnessing the strength of our group to create this compelling PaaS proposition for wealth management firms, we can offer a more joined-up and scalable, end-to-end pensions service.”

Todd Rowlands, Chief Distribution Officer, Titan Wealth Planning said: “Our relationship with Third Financial and the broader Nucleus group has continued to evolve, and the launch of the Titan Wealth Partner SIPP is a natural next step for us.  
“Being able to offer a SIPP under our own brand, supported by Nucleus’ scale and Third Financial’s infrastructure, is a compelling combination. It allows us to deliver a more consistent experience to clients while working with a partner with the depth and capability to support our long-term ambitions.”  

Enquiries:

Head of Public Relations        Linda Harper T: 07876 145309

Public Relations Manager        Philippa Heal T: 07783 314210                        

E: newsroom@nucleusfinancial.com

            
Notes to editors:

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 investment management firms of all sizes.

It operates the Nucleus Platform and Nucleus Wrap 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 5,000 financial advisory firms, the group now administers £110bn of investments on behalf of 251,000 UK customers, seeking to deliver great service and financial outcomes for them, and ultimately help make their retirement more rewarding.

About Titan

Titan Wealth was formed in 2021 to deliver industry leading solutions and outcomes to both retail and institutional clients. It offers a vertically integrated set of wealth management solutions spanning financial planning, investment management, platform, and custody. Headquartered in London, Titan Wealth serves clients domestically as well as overseas through its operations in the Channel Islands and the UAE. Today, Titan Wealth has approximately £45bn of assets under management or advice. 
 

Wealth manager Foster Denovo has extended its strategic partnership with Third Financial, part of the Nucleus group, signing an exclusive deal for a bespoke Adviser-as-a-Platform (AaaP) solution.

AaaP is when the proposition to clients, along with parts of the service usually provided by the platform, are branded and controlled by the advisory firm. The model enables firms to take greater control of the products offered, customer experience as well as more of the value chain.

Third Financial and Foster Denovo have worked collaboratively on the customised platform transformation project which is designed to meet the complex needs of advisers and their teams, enabling them to service clients even more effectively. The new investment platform also features a two-way integration with the back-office system.

The client experience will be further enhanced through the launch of a new Clearview-branded mobile app, giving clients at the UK-wide financial advisory group an even more intuitive way of engaging with their investments.

The two firms have a long history of working together, with more than £1 billion of client assets already administered on the platform, powered by Third Financial’s proprietary Tercero software.

Foster Denovo Chief Operating Officer Helen Lovett said: “Like many in our sector, we had evolved our services across a number of different retail investment platforms over time. We always strive to create a more unified experience for our clients which is why we took the strategic decision to develop our own platform.

“Partnering with Third Financial to deliver this is a big step forward.  They’ve become a strong, long-term partner, providing the support we need to deliver an exceptional service to our clients and to continue to drive forward our growth strategy.”

Chris Williams, Managing Director, Third Financial at Nucleus, added: “It’s a reflection of the depth of our relationship that Foster Denovo has extended their partnership with us. Their new investment platform, powered by Third Financial, is a customised solution built on our market leading technology which will enable them to offer a branded and tailored service to their clients.

“The scale and unrivalled expertise we have within the group will support Helen and her team as they continue to integrate their recent acquisitions and help drive their future growth.

“We already power some of the industry’s leading consolidators such as Titan, Verso and Radiant, plus 60 investment managers.  Our combination of market leading technology, personalised service and financial strength is setting us apart in the market.”

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 greater control of their platform propositions.

Enquiries:

Nucleus

Linda Harper - Head of Public Relations  T: 07876 145309
Philippa Heal - Public Relations Manager T: 07783 314210
E: newsroom@nucleusfinancial.com

Foster Denovo

E: fosterdenovo@mrm-london.com
T: 07793 564 351

Notes to the editors:

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 5,200 financial advisory firms, the group now administers over £107bn 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.  

About Foster Denovo

Foster Denovo is a multi-award-winning national firm of financial advisers with 13 offices across the UK.  Its partners provide specialist financial advice, services and investment solutions to individuals and their families, businesses, employers and charities.

Advice for individual clients covers the full range of advisory areas, including financial planning, wealth management, retirement solutions, at retirement advice, estate planning, mortgages and protection.

Foster Denovo is part of the Foster Denovo Group.  

Unhelpful pre-Budget speculation including possible changes to tax-free cash and political tinkering with rules around pensions has damaged retirement confidence among savers, Nucleus has said, making it far more difficult for savers to plan ahead with any certainty for the long term.

Today’s adults are facing an increasingly challenging landscape when it comes to planning and investing for retirement, including contending with the news that pensions will be included as part of an individual’s estate for inheritance tax (IHT) planning purposes.

Savers have faced weeks of speculation around possible cuts to tax-free cash in the upcoming Autumn Budget. Even though changes to tax-free cash have now reportedly been ruled out by the Chancellor, the rumour will certainly have resulted in many people pulling money out of their retirement savings unnecessarily, potentially damaging their long-term retirement plans.

In its 2025 Retirement Confidence Index report, Nucleus found that the proposals around IHT and pensions may be driving unwanted and potentially damaging behaviour. With around 1 in 7 of younger/middle aged respondents (15% of those aged 25-34, 14% of 45-54) saying they are paying or will pay less into their pensions as a result.

The report found clear evidence that policy changes, uncertainty and speculation leads to self-destructive behaviours. People saving for retirement are being driven to make long-lasting decisions that cannot be reversed.

Another worrying statistic from Nucleus’ report is that only one in four UK adults (26%) are confident they will have enough money to live comfortably for the rest of their lives, down from the previous low of 34% in 2024.

Andrew Tully, Technical Services Director at Nucleus, said: “It’s a tough environment for pension savers today, and the last thing they need is to feel like they aren’t in control of their retirement savings planning because of government tinkering, uncontrolled speculation and changes to existing rules.

“Changes to pension tax-free cash withdrawals reportedly being off the table for this year’s budget is welcome news, but without a stable retirement framework the same damaging rumour will continue to drive behaviour ahead of future fiscal events. To help UK adults feel more confident about their financial futures, we need long-term planning in pensions. We cannot be in a position that sees savers make drastic changes to their retirement savings because of rumour and speculation, because they don’t trust that pensions will be left alone.” 

Enquiries:

Linda Harper - Head of Public Relations  T: 07876 145309
Philippa Heal - Public Relations Manager T: 07783 314210
E: newsroom@nucleusfinancial.com

Notes to the editors:

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 5,200 financial advisory firms, the group now administers over £107bn 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.  

EDITOR'S NOTES - all press releases should contain the following information: 
All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 4,359 adults. Fieldwork was undertaken between 9 - 10 September 2025. The survey was carried out online. The figures have been weighted and are representative of all UK adults (aged 18+). 
 

The third annual UK Retirement Confidence Index from Nucleus, the largest independent adviser platform group in the UK, shows only one in four UK adults are confident they’ll have enough money to live comfortably in retirement.

Other key findings include:

• Amidst all the speculation over the upcoming budget, retirement confidence in the UK has fallen to its lowest point since the survey began. Only 26% of adults confident they will have enough money to live comfortably for the rest of their lives (down from 34% last year).
• The overall Retirement Confidence Index score now stands at 4.2 out of 10, down from 4.6 in 2024 and 6.9 in 2023, continuing a worrying downward trend in confidence across all age and gender groups.
• The 45-54 and 35-44 age groups have the lowest confidence at 3.2 and 3.4 respectively. The next generation of retirees are less likely to have defined benefit savings to fall back on and haven’t benefited from auto-enrolment until later in their working lives. This confirms the need for prompt action.
• Confidence is highest among those receiving professional financial advice. UK adults who receive professional financial advice report a retirement confidence score of 5.5 out of 10 – well above the 4.2 national average – showing a strong link between planning, advice and long-term confidence.

The research, conducted by YouGov for Nucleus, surveyed 4,359 UK adults, evenly split between men and women. It reveals a growing sense of pessimism about retirement prospects, driven by the cost of living, low financial literacy, and frequent speculation about pension and savings rule changes.

Women’s confidence falls further behind men’s

The gender confidence gap has widened again this year. Men recorded an average confidence score of 4.6, compared with 3.8 for women. Nearly half of women (45%) said they do not currently contribute to a pension, compared to 40% of men.

Whilst defined contribution (DC) and workplace pension membership is broadly level between men and women (37% and 36% respectively), women are far less likely to have other forms of savings. Only 22% have a private pension compared to 30% of men, 25% have cash savings versus 35% of men, and 28% hold an ISA compared to 36% of men.  

This underlines both the financial disadvantage women face and the urgent need for more targeted communication and support to close the gap in retirement preparedness.

Commenting on the research, Andrew Tully, Technical Services Director at Nucleus said: “The gender gap in retirement confidence is a clear warning sign. Women are saving less, have fewer financial products, and are less confident about their long-term prospects. We need more targeted communication, flexibility in saving options, and a concerted effort to make financial planning more inclusive so women aren’t left behind.”

Cost of living pressures continue to bite

The report found that 43% of UK adults do not contribute to a pension, with 41% citing the rising cost of living as the main barrier to saving more or anything into their workplace or private pension.  Rent and mortgage payments (24%) and debt repayments (16%) were also major obstacles.

Those who are paying into a pension are often not saving enough. The most common contribution level is between 5% and 10% of income – largely reflecting auto-enrolment minimums – far below what is needed for a comfortable retirement.

Early education and access to advice seen as key to confidence

A striking 68% of respondents said they’d feel more confident about retirement if they’d learnt more about financial planning, pensions, and investing at an earlier age. Four in ten (42%) believe people should start planning in their 20s, a view shared across all age groups.

Confidence is also closely linked to engagement with advice. Those who have taken professional financial advice score significantly higher than those who rely on free guidance (4.4) or manage their own finances (4.9).

Andrew Tully continued: “Financial education needs to start early. Empowering people to understand pensions, investment and tax from a young age would make an enormous difference to future confidence. But it’s equally important that adults can access affordable, trusted advice to help them make informed decisions at key stages in life.”

Policy changes fuelling uncertainty

Confidence has also been shaken by changes and speculation around pensions and tax especially in the lead up to the budget. Nearly half (44%) of adults said they were worried about pensions being brought into scope for Inheritance Tax from April 2027, and three in five (59%) were concerned about possible cuts to tax-free pension lump sums.

Just 16% believe the new Independent Pensions Commission (IPC) will make a meaningful positive difference, highlighting a lack of awareness and faith in long-term policymaking.

State pension doubts add to uncertainty

The research also found widespread concern about the future of the state pension. More than half (54%) of UK adults believe it won’t exist in its current form within ten years, while a quarter (25%) think it may disappear altogether.  

Understanding of how the system actually works also remains low.  Almost half of respondents (44%) believe their National Insurance contributions go into a personal pot to fund their own pension.

Andrew Tully added: “The state pension remains the cornerstone of retirement income for millions, yet confidence in its future is collapsing. People deserve clarity and consistency. They need to know what they’ll receive and when. Without that certainty, it’s almost impossible to plan effectively for the rest of their lives.”

The call for stability

The 2025 Nucleus UK Retirement Confidence Index concludes that rebuilding trust will require a stable policy framework that removes pensions from short-term political cycles and stops using pensions as a political lever. We need instead to have clearer and well communicated longer-term goals.  

Nucleus is urging policymakers to work with the IPC to take a long-term view and promote consistent, future-focused rules that encourage saving and planning.

Andrew Tully concluded: “We’re seeing a deep erosion of trust in the retirement system. Constant tinkering with pension rules makes long-term planning feel pointless. The IPC is a step in the right direction, but confidence won’t return until people believe the rules will remain stable. We need clear communication and a joined-up approach across pensions, housing and savings to give people the certainty they need to plan properly for the future.”

The full 2025 Nucleus UK Retirement Confidence Index can be viewed here: 2025 Nucleus UK Retirement Confidence Index 

Enquiries:

Linda Harper - Head of Public Relations  T: 07876 145309
Philippa Heal - Public Relations Manager T: 07783 314210
E: newsroom@nucleusfinancial.com

Notes to the editors:

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 £107bn 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 UK-based wealth management group, has extended its strategic partnership with Nucleus, transferring the custodial operations of its investment management arm to Third Financial under an initial five-year deal.

The deal grows the Nucleus group’s existing relationship with Verso, following the announcement it would be powering The Verso platform earlier this year. Over £250 million in assets under management is expected to be transferred over the next few months.

Verso Investment Management will become the third new client in recent months for Third Financial, following signings with City Asset Management and Titan Wealth. Third’s technology is now used by more than 60 firms.

Andrew Fay, Co-Founder and Director at Verso said: “We’re delighted to be extending our successful partnership with Third Financial so they will be our dedicated custody partner.  With their deep knowledge and experience of the wealth management industry, the team at Third Financial continue to give us full confidence in their ability to provide a market-leading technology solution, with unwavering commitment to client service and innovation.

“Not only will this improve the experience for our advisers, it will also better support them in delivering excellent outcomes for their clients.”

Ricky Ali, Commercial Director at Third Financial added: “Over the past year we’ve been working with Verso to see how we could help meet their needs as they scale and grow.  It’s a huge vote of confidence in our team that we've won the mandate as dedicated custody partner to Verso’s Investment Management.

“Having the financial strength and breadth of capability of the Nucleus group behind us makes a real difference to our conversations with ambitious, investment managers looking for a committed, long-term partner”.

“Our continued and sustained growth reflects our position as the first choice for investment managers and advisers seeking industry leading technology-led solutions, and a focus on great customer service.” 

Enquiries:

Linda Harper - Head of Public Relations  T: 07876 145309
Philippa Heal - Public Relations Manager T: 07783 314210
E: newsroom@nucleusfinancial.com

Notes to the editors:

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 £101bn 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.  

We were seeking a proven technology-led platform partner who could help us to deliver the highest standard of service to our clients. 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.

Three in five (59%) people are concerned about rumoured changes to pension tax-free cash rules in the Autumn budget, research by Nucleus has found.

That is double the amount of those (28%) who reported being unconcerned by the speculation. The remaining 13% said they did not know.

There is ongoing speculation that the amount of tax-free cash available from pensions will be cut in the upcoming Autumn budget on 26 November.

Those aged 55 and above can normally take up to 25% of the value of their pension tax-free, up to a maximum of £268,275. Rumours abound that this maximum could be significantly reduced.

Recent data from the Financial Conduct Authority found there was a 29% increase in people taking only tax-free cash from their pension during 2024/25 when compared to 2023/24. That increase is likely to have been driven by last year’s Budget speculation.

Andrew Tully, Technical Services Director at Nucleus, said: “For the second year in a row the UK faces a lengthy run-up to the Autumn budget. This extended period allows the rumour mill to churn given the Government hasn’t clarified its position. Last year’s speculation of potential changes to tax-free rules saw many investors take lump sums from their pensions, with some trying to reverse those actions when no such rule change materialised. There’s a real sense of déjà vu here.

“Long-term planning needs certainty. Speculation can harm confidence and lead to potentially self-destructive behaviours. Ideally the Government will confirm there will be no change to tax-free cash, at least in this budget or for this Parliament, which will give people the ability to plan for their retirement with more confidence.”

Enquiries:

Linda Harper - Head of Public Relations  T: 07876 145309
Philippa Heal - Public Relations Manager T: 07783 314210
E: newsroom@nucleusfinancial.com

Notes to the editors:

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 £101bn 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.  

Editor's notes - all press releases should contain the following information 
All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 4,359 adults. Fieldwork was undertaken between 9 - 10 September 2025. The survey was carried out online. The figures have been weighted and are representative of all UK adults (aged 18+).