Third Financial, part of the Nucleus group, has launched a mobile app for iOS and Android devices.  

It will enable quick and easy access to all the client’s investments in one place, providing real time valuations across the full range of investment wrappers, along with detailed investment analysis and the digital delivery of key documents and reports.

It has all the latest security and authentication features, and is fully customisable, so can be provided to the clients of Third Financial using the advisers’ and investment managers’ own brand.

Third’s investment platform is used by more than 60 firms, and the app is already being rolled out to some of Third’s customers including Foster Denovo and McInroy & Wood, with plans to make it available to all supporting customers over the coming months.

Built on top of Third’s market-leading system, Tercero, and leveraging its extensive APIs, it complements the existing client portal to offer a seamless and intuitive experience, enabling clients to engage with their investments digitally and on the go.

Chris Williams, Managing Director at Third Financial, said: “The launch of our new mobile app represents a step forward in our digital strategy. It reflects our commitment to continually invest in the priorities of advisers and investment managers, helping them to deliver better service, under their own brand, for their clients.”

James Waterman, Product Director at Third Financial, added: “The app was built based on customer feedback and is designed to provide a clean and simple user interface that enables advisers and investment managers to apply their own branding. Leveraging our extensive API suite, it delivers real-time information, making it much easier for clients to monitor their investments.”

Nucleus acquired Third Financial earlier this 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.

 

ENDS

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 £97 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.

About Third Financial:

Third Financial is the leading investment platform for the thinking wealth manager, now part of the Nucleus Financial Platforms Group. It brings together its own market-leading technology and the expertise of over 100 industry professionals within a culture of exceptional client service.

It provides the core processing, asset servicing and market connectivity for the management of over £50bn of assets. It delivers a full digital experience to investment managers, advisers and their clients with the reassurance of friendly and expert support when required. Third Financial has offices in London and Birmingham.

Third Financial, now part of the Nucleus group, has revealed that investment manager Bowmore is the latest in a series of client signings over the last 12 months that’s helping to drive its growth.

London-based Bowmore Asset Management, a discretionary wealth manager with 
over £350 million in assets under management, has signed-up to partner with Third for an initial five year term. It transferred its entire book of business in under six months.

In total, Third has won the custody mandate for 10 new clients in the last year, including Capital Financial Markets, Lowes and Mountstone. Third’s technology is now used by more than 60 firms.

At the end of Q3, Nucleus reports that over £12.2bn of its £97bn assets under administration (AUA) were from enterprise solutions*, driven by £1.6bn of net flows year to date.

Chris Williams, Managing Director of Third Financial, a Nucleus group company said: “We’re delighted that Bowmore has appointed us as their platform 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.”

Jonathan Webster-Smith, Chief Investment Officer of Bowmore Asset Management added: “We were looking for a tech-forward platform who could help us to deliver the best service for our customers. This is what attracted us to Third and set them apart from other firms in this space.  

“The team at Third really understood our needs, and we’ve been extremely impressed with their focus on delivery and commitment to getting it right for the client. We really look forward to working with them for years to come.”

* ‘Enterprise solutions’ is the collective term for a 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. They’re powered by Nucleus and its wealthtech specialists Dunstan Thomas, alongside Third Financial, which the group acquired in June.
 

ENDS

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 £97 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.

About Third Financial:

Third Financial is the leading investment platform for the thinking wealth manager, now part of the Nucleus Financial Platforms Group. It brings together its own market-leading technology and the expertise of over 100 industry professionals within a culture of exceptional client service.

It provides the core processing, asset servicing and market connectivity for the management of over £50bn of assets. It delivers a full digital experience to investment managers, advisers and their clients with the reassurance of friendly and expert support when required. Third Financial has offices in London and Birmingham.

The latest 2024 UK Retirement Confidence Index from Nucleus, one of the UK’s leading adviser platforms, shows the majority of UK adults are not confident they will have enough money in retirement.

• Nucleus UK Retirement Confidence Index is 4.6 with a negative outlook
• Planning and financial advice are key to people feeling more confident about their retirement prospects
• Just 34% of respondents are confident they would have enough money to live comfortably for the rest of their lives
• Over a quarter said they were either slightly less or much less confident about their financial planning retirement prospects following the Budget
• 52% of UK adults underestimate how much they would need each year for a comfortable retirement based on the Pensions and Lifetime Savings Association's (PLSA) definition
• Findings show 20% have not saved anything for retirement and 39% are not contributing to a pension. Alongside this, 44% believe the State Pension will not exist in the future
• 70% of respondents aged 55+ say retirement planning should start in your 20s or earlier 

New research from Nucleus’ 2nd UK Retirement Confidence Index has revealed the majority of UK adults are not confident they will have enough money to live comfortably in retirement.  

More than 4,300 people aged 18 and above took part in the recent YouGov research looking at retirement confidence levels.  

A total of 60% said they are not confident about their retirement prospects. Just over a third (34%) of respondents felt they would have enough money to live comfortably for the rest of their lives, while 6% admitted they are not sure what their financial future could look like at all.  

The 2024 Nucleus UK Retirement Confidence Index highlighted that 22% of adults think they will need between £20,000 and £30,000 a year for a comfortable retirement.  

This would fall significantly short of the PLSA’s definition2 of ‘comfortable’, which estimates an individual would require an income of £43,100 to achieve the desired lifestyle.  

For many, people the figure is likely to be made up of the state pension, private pension and other forms of savings and investment. But just under half (44%) of respondents to the Nucleus study believe the state pension will not exist in the future, while 39% said they are not contributing to their pension provision.  

With so much speculation and concern surrounding the 2024 Autumn Budget, Nucleus also took the pulse of the public shortly after the announcement to see how retirement confidence levels were impacted.  

An additional 2,100 people took part in this research, with just over a quarter (26%) suggesting they were either slightly less or much less confident about their financial planning retirement prospects.  

None of the respondents surveyed were feeling much more confident after the Budget announcement and only 2% said they were feeling slightly more confident. 

Retirement Confidence Index 

In November 2023, Nucleus launched its first UK Retirement Confidence Index and adults aged 50 and over had a confidence score of 6.9 out of 10 with a negative outlook. Now in its second year, the research has been expanded to a wider age demographic and larger sample size to provide a fuller picture of retirement confidence in all UK adults.  

Based on responses to the same central question of how confident people feel about having enough money to live on for the rest of their lives, the updated results reveal an overall confidence score of 4.6 out of 10.  

Concerns about what constitutes ‘enough’ are far from being limited to those in or approaching retirement. Understandably those with a longer time horizon until they retire may have other worries about their financial future, amid so much uncertainty.  

It is one of the reasons Nucleus continues to call for an independent long-term savings commission. The firm believes there needs to be greater cross-party agreement for pension and savings policy to ensure more people can feel confident about their retirement prospects.

The PLSA’s Retirement Living Standards (RLS) assume people would be mortgage (or rent) free by retirement. Nucleus’ research suggests many do not share the same view with 28% citing rent and mortgage payments as one of the main reasons preventing them from saving more into a workplace or private pension.  

High house prices, delayed ownership and other financial challenges may significantly impact the chances of future retirees owning their property outright. The assumption that most retirees have no housing costs is one which may well have to change.

It is also worth noting that the RLS does not factor in other costs such as social care or any tax on pension income and therefore people may have to consider additional expenditure when planning for their retirement.  

Other factors preventing people from saving more for later life, include paying off debt (18%) and saving to start/support a family (10%).

Saving to get on the property ladder, student loan deductions, nursery fees and childcare costs are some of the additional immediate concerns for respondents.  

Andrew Tully, Technical Services Director at Nucleus, said: “Broadening our study for this year’s Retirement Confidence Index has shone a light on the challenges different generations face when it comes to feeling confident about their financial future.

“One message that comes through loud and clear from our findings is that people need to start planning and saving for later life much, much earlier.  

“It’s certainly what our over-50s would tell their younger selves and hopefully what they are telling their children and grandchildren.

“But while the desire is there, many people don’t seem to know where to begin and are finding it difficult to think about the longer-term when they have other more immediate problems to contend with.  

“Part of that is due to a lack of understanding, which shows a real need for better financial education to put adults on a good footing.

“Those who do feel more confident about being able to enjoy a comfortable retirement stress the importance of having a plan and seeking quality financial advice.

“The road to a financially secure retirement is paved by making the right choices at the right times. We need to help lay the foundations, so people are ready to take the first step.

“With people potentially underestimating how much they will need, not appreciating how long they might need it for and not saving anywhere near enough, future retirees could be facing a perfect storm.

“It’s in all our interests to get the message out there: when it comes to retirement planning, if you didn’t start yesterday, then today is the next best day.” 

The cost of delay

If people do save earlier, it can make a real difference. Younger generations may have competing priorities, but they also have time on their side to plan for retirement.  

As an example, if an individual was to start saving for their retirement at age 25 and put £100 towards their pension provision per month, assuming a 5% investment return, this would provide them with a pension pot of approximately £159,818 at age 65. The total amount paid in by the person would be £48,000.  

Whereas if they wait until they are 45 and pay £200 per month, they will still have contributed the same amount by age 65 but the pot size is likely to be significantly smaller at approximately £87,174.  

ENDS

Enquiries:

Head of Public Relations
Linda Harper (Monday - Wednesday) T: 07876 145309
Victoria Webb (Wednesday- Friday)  T: 07969 113758                    
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 5,300 financial advisory firms, the group now administers £97 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.

HMRC has announced the latest Inheritance Tax (IHT) and Capital Gains Tax (CGT) receipts, within their wider tax receipts document > HMRC tax receipts and National Insurance contributions for the UK (monthly bulletin) - GOV.UK

Capital Gains Tax

The CGT figures are included within one figure representing Income Tax, CGT and National Insurance which are £226.8 bn, £6.2 bn higher than the same period last year.

Basic rate income taxpayers are typically subject to lower CGT rates: 10% on gains from most assets and 18% on residential property

For trusts, and for individuals who are subject to higher or additional rates of tax, the higher rates of CGT apply. 20% for most assets and 24% on residential property

Inheritance Tax

IHT receipts for April to September 2024 are £4.3 bn, which is £0.4 bn higher than the same period last year.

This continues the strong upward trajectory over the last few years

The current £325,000 nil rate band has been at that level since 2009. The residential nil rate band was introduced on a phased basis between 2017 and 2020 and potentially gives an additional £175,000 nil rate band (making a total of £500,000) subject to certain rules.

Andrew Tully, Technical Services Director at Nucleus said:
“While CGT is not individually specified within these figures, and the majority is paid in January as part of self-assessment, anecdotal evidence suggests more people are disposing of assets and realising gains in advance of the Budget on 30 October. CGT receipts are therefore likely to increase sharply this year. Growth in IHT receipts continues its upward trajectory following record highs in the last few years.

There are many rumours suggesting changes to both CGT and IHT within the forthcoming Budget. For IHT, changes could be made such as scrapping or updating the rules on agricultural land and business relief. Currently, a person can claim up to 100% relief on the inheritance of agricultural land if it is being actively farmed. This could be reduced, or certain limitations placed on the maximum value of the relief. Changes could also be made to the IHT benefits of holding shares on the Alternative Investment Market (AIM). AIM shares need to qualify for Business Property Relief and be held for more than two years at the time of death to qualify for IHT exemption. However, this may run contrary to the desire to increase investment in UK businesses, to drive further growth.

Advisers can help clients mitigate these taxes by setting up trusts, making use of gift allowances, spousal exemption and using a pension to pass on wealth to family in a tax efficient way. Additionally, equalising assets between spouses & civil partners and making use of the “no gain no loss” disposal could mean all exemptions can be utilised and household income increased if there is a disparity in the rates of tax each spouse pays. Alternatively, people could hold assets within a tax-efficient wrapper such as an ISA, pension or bond.”
 

Enquiries:
Head of Public Relations 
Linda Harper (Monday - Wednesday)  T: 07876 145309
Victoria Webb (Wednesday - Friday)  T: 07969 113758
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.

And Dunstan Thomas and Third Financial power some of the industry’s leading product providers, discretionary fund managers, wealth managers and financial advisory groups with enterprise-wide, platform software solutions.

Working exclusively in partnership with over 5,300 financial advisory firms, the group now administers £97 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.

The Office for National Statistics (ONS) issued earnings figures today which will drive state pension increases from April 2025.

The Triple Lock increases to the basic and new State Pension are the greater of:

• Annual CPI inflation to September (announced October);
• Growth in annual earnings including bonuses (Total Pay) for the period May-July; and
• 2.5%.

We believe CPI is going to come in between 2.5% and 3% for the year to September (this will be confirmed in a few weeks’ time on 16 October). So the announcement this morning of earnings increases – 4% for May-July - will be the highest figure in the triple lock commitment and drive state pension increases from April 2025.

Although it’s worth noting the increase in total pay at 4% is lower than the increase in regular earnings excluding bonuses (which was 5.1%).  This is as a result of one-off bonuses paid to NHS staff in June 2023. That has an impact on the year-on-year increase in Total Pay, distorting the normal relationship between Total and Regular Pay.

The new state pensions from April 2025

• The headline single tier state pension will likely rise from April 2025 to £230.05, up from the current £221.20 a week
• The maximum basic state pension paid to those who reached state pension age before 6 April 2016 is currently £169.50 a week and it will likely increase to £176.30 a week
• While these are the headline rates many people receive less
• A 4% increase in state pensions will cost around £3.6 billion a year
• While the headline state pension increases by the triple lock, other parts of the state pension such as SERPS/S2P, the graduated pension, protected payments and benefits for deferring, will go up by the lower CPI figure (to be confirmed in October).
• People can check their own state pension forecast, taking into account their national insurance record, on the government’s website > www.gov.uk/check-state-pension

Andrew Tully, Technical Services Director at Nucleus said:
“This approx. £460 a year increase in the state pension from April 2025 follows very large increases over the last couple of years and will be a welcome boost to many pensioners. However, it comes at a time when the Government has limited the winter fuel payment to those receiving pension credit or a limited number of other benefits. These changes mean about 1.5 million people will be eligible, down from 11.4 million when the payment was universal.

For some pensioners the extra £460 a year will be at least partly offset by losing £200-£300 through the reduction in scope of the winter fuel payment.

While the headline state pension increases by the triple lock, other parts of the state pension such as SERPS/S2P, the graduated pension, protected payments and benefits for deferring, will go up by the lower CPI figure which will be confirmed in October.

This increase pushes the headline state pension figure closer to the frozen personal allowance of £12,570, making it likely more pensioners solely in receipt of the state pension will start to pay income tax. This brings the interaction of state pensions, the triple lock, means-tested benefits, and personal tax allowances sharply into focus. ’

The history of the triple lock

The triple lock was introduced from 6 April 2011 and means the basic state Pension and Single Tier State Pension increase by the highest of earnings, inflation (CPI) and 2.5%.

Since 2011/12, the state pension has been increased as shown in the table below:
 

_{RPI inflation was the previous basis for State Pension indexation before the triple lock and the Government chose to use it in 2011/12.
Due to the impact of the Covid pandemic the Government chose to suspend the triple lock and use the higher of CPI and the fixed 2.5%.}

Enquiries:

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

And Dunstan Thomas and Third Financial power some of the industry’s leading product providers, discretionary fund managers, wealth managers and financial advisory groups with enterprise-wide, platform software solutions.

Working exclusively in partnership with over 5,300 financial advisory firms, the group now administers £97 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 (Nucleus), one of the UK’s leading, independent, adviser platform groups, has announced Laura Papp and Helen Wallace-Smith have joined into two newly created platform director roles.

Both will report to Nucleus Chief Operating Officer (COO), Steve Knight.

As Nucleus continues to prepare for the soft launch of its new retirement platform, the appointments further strengthen the senior management team that will support James Hay Online users and their customers through the upgrade.

Laura Papp takes on the role of Platform Readiness Director. She was most recently Head of Business Transformation at LV, spending the last fifteen years working in a variety of senior roles across business development, strategy and transformational change.

She’ll spearhead all launch readiness activity for the new platform, ensuring it supports good outcomes for advisers and their customers.

Helen Wallace-Smith joins as Platform Migration Director. Most recently she was Programme Director at Utmost Wealth for three years, and prior to that, Finance Transformation Director at Quilter, responsible for their successful migration to FNZ technology in 2020.

Helen’s experience will be invaluable towards ensuring the successful transfer of adviser and client data onto the new platform.

Commenting on the appointments, Nucleus COO Steve Knight, said: “We’re thrilled to welcome Laura and Helen to our team. They bring extensive experience and impressive track records in leading complex organisational change and delivering transformative projects.

“They’ll play a key role in preparing for the launch of our new retirement platform, and by strengthening our senior team, we’re strongly positioned to drive the next phase of our strategy.”

Enquiries:

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

And Dunstan Thomas and Third Financial power some of the industry’s leading product providers, discretionary fund managers, wealth managers and financial advisory groups with enterprise-wide, platform software solutions.

Working exclusively in partnership with over 5,300 financial advisory firms, the group now administers £97 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.

• Expands proposition for advisers and wealth managers.
• Significantly bolsters its existing ‘adviser-as-a-platform’ capabilities.
• Accelerates growth to become the UK’s largest platform group.

Nucleus Financial Platforms (Nucleus), one of the UK’s leading, independent, adviser platform groups has announced the completion of the acquisition of Third Financial, following regulatory approval from the Financial Conduct Authority (FCA) in May this year.

Third Financial is a leading investment platform and front-to-back wealth management software provider, serving discretionary wealth managers, multi-family offices, and adviser consolidators.

This acquisition significantly expands Nucleus’s capability in the ‘adviser-as-a-platform’ space. It’s now the only large-scale platform group with a comprehensive range of bespoke platform solutions for advice and wealth management firms of all shapes and sizes.

Richard Rowney, Chief Executive Officer of Nucleus, said: “We're delighted to have successfully completed the acquisition and officially welcome our new Third Financial colleagues to the group. At the heart of our offer is the fact that one size doesn’t fit all, and by combining the businesses we can now develop bespoke platform solutions for any client.

“We look forward to the next chapter in our growth journey with the integration of Third, and to developing the opportunities opening up to us to serve the wider wealth sector.”

Ian Partington, Chief Executive of Third Financial, continues to lead the business reporting to Mike Regan, Chief Commercial Officer of Nucleus.

Ian Partington, Chief Executive of Third Financial, added: “Exceptional service, innovation, and deep knowledge of the financial advice and wealth management market have always been our core values. These are shared by Nucleus and we look forward to the opportunities ahead as part of a larger group.”

The group is now entrusted with £97bn of assets under administration (AUA). Third Financial’s software service supports the administration of a further £40bn of assets.

Enquiries:

Linda Harper / Victoria Webb 
Heads of Public Relations 
E: newsroom@nucleusfinancial.com 
T:  07876 145309 

Tom Allison / Shan Willenbrock 
TB Cardew
T: 0778 9998020 / 07775 848537

Notes to editors:

About Nucleus

The Nucleus Financial Platforms group offers investment platforms and products exclusively to financial advisers, that ultimately help make retirement more rewarding.

Renowned for its SIPP expertise, James Hay Partnership has been working with larger financial advisory groups for more than 40 years, providing the means to administer pensions, savings and investments in a cost and tax efficient way.

Our award-winning platform Nucleus was founded in 2006 by advisers committed to altering the balance of power in the industry by putting the customer centre stage.

Curtis Banks is one of the UK’s largest administrators of SIPP and SSAS solutions for customers and businesses. It is one of Europe’s largest commercial property landlords, a specialist area for self-invested pensions. The business maintains a focus on providing high levels of technical support, robust service, modern technology and innovation.

Together we’re one of the UK’s leading, independent, adviser platform and product groups, with approximately £97 billion in assets under administration, helping nearly 5,500 advisers make retirement more rewarding for almost 235,000 customers.

About Third Fiancial

Third Financial is the UK's leading investment platform for the thinking wealth adviser and manager.

It brings together its own market-leading technology and the expertise of over 100 industry professionals within a culture of exceptional client service.

It provides the core processing, asset servicing and market connectivity for the management of over £50bn of assets.

It delivers a full digital experience to wealth professionals and their clients with the reassurance of friendly and expert support when required.

Research from Nucleus, one of the UK’s leading, independent, adviser platform groups, has revealed 76% of people are unaware they can pay money into someone else’s pension.

Of those who did not know about the possibility of third-party pension contributions, 55% said they would not consider making any.

The remaining 21% in the unaware group were more inclined to think about adding to another person’s pension instead of or in addition to their own.

Third-party contributions can be a useful financial planning tool particularly for someone who has taken a career break - such as to raise young children or care for elderly relatives.

Instead of no private pension contributions being made by individuals during such times, another person - most commonly a partner or spouse - could fund a pension for them.

Current rules allow for up to £2,880 per year to be paid into a pension of a non-earning person. Tax relief tops up the amount to £3,600.

Contributions can also be made even if the partner is working, providing the amount remains below their annual allowance.

But the option is not limited to spouses. For example, parents or guardians could set up a pension for a child to give them a head start for saving for their future. Other family members would also be able to contribute in a tax-efficient way.

Of the 2,100 people aged 18 and above who took part in Nucleus’ recent survey looking at retirement confidence levels:

• 8% said they were previously aware of third-party contributions but would not consider paying into someone else’s pension.
• Meanwhile, only 4% who were aware of the possibility said they would consider making contributions for someone else or have already done so.
• A further 12% responded “don’t know” when asked to best describe their opinion around awareness of pension contributions.

Overall, more women (79%) than men (74%) were unaware about the possibility of paying into someone’s pension and a higher proportion of female respondents were less likely to consider doing it.  Almost a quarter (24%) of men who did not know said they would consider making third-party contributions, whereas the figure dropped to 19% for women.

Laura Barnes, Director of Business Development at Nucleus, said: “Sadly third-party pension contributions appear to be a closely guarded secret.
“Families could be missing out on a more comfortable retirement if they are not aware of the possibility of paying into someone else’s pension or receiving contributions from another person.
“Worryingly, even when people are made aware, the majority say they would not consider doing it, our research suggests. There could be many reasons for this including affordability concerns, lack of personal planning and being put off by constant changes to the pensions system.
“For others it may be a case of them not feeling fully informed or understanding the benefits.

“Generally speaking, a greater number of women could see their retirement prospects improve if the family unit considers third-party contributions. Often caring roles have fallen to women in the past and this has impacted their earning power either because of working part-time or giving up work entirely.

“If these women were to receive pension contributions from a partner it could go some way to reduce the gender pensions gap, which currently stands at 35%.

“Private pensions play a huge role in retirement income but on average women would need to work for almost two decades more to retire with the same pension amount as men.

“Shouting more loudly about pension contributions – both personal levels and third-party contributions could be a step in the right direction.

“There’s work to be done to increase awareness and to make this secret common knowledge.”

As an example, if five payments of £3,600 (including tax relief) were paid into someone’s pension from age 35, assuming growth of 4% a year net of charges, this would provide them with an additional fund of approximately £61,000 at age 67.

Taken as an annuity, this could look like an extra £4,000 for life in retirement, having cost £14,400 over five years.

Elsewhere in the research, Nucleus found the majority of adults (71%) believe the state pension will not exist or will be less generous when they retire.

Overall women were more doubtful about whether the benefit will be around in years to come and yet many will need to rely on it more heavily in their retirement. This makes it even more vital to try to plug some of the gaps in their private pension.

The research also revealed people are feeling less confident about their retirement prospects and this is heightened for women.  

Nucleus will be releasing the next UK Retirement Confidence Index in November 2024.

Enquiries:

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

Notes to editors:

The Nucleus Financial Platforms group offers investment platforms and products exclusively to financial advisers, that ultimately help make retirement more rewarding.

Renowned for its SIPP expertise, James Hay Partnership has been working with larger financial advisory groups for more than 40 years, providing the means to administer pensions, savings and investments in a cost and tax efficient way.

Our award-winning platform Nucleus was founded in 2006 by advisers committed to altering the balance of power in the industry by putting the customer centre stage.

Curtis Banks is one of the UK’s largest administrators of SIPP and SSAS solutions for customers and businesses. It is one of Europe’s largest commercial property landlords, a specialist area for self-invested pensions. The business maintains a focus on providing high levels of technical support, robust service, modern technology and innovation.

Together we’re one of the UK’s leading, independent, adviser platform and product groups, with approximately £89 billion in assets under administration, helping nearly 5,500 advisers make retirement more rewarding for almost 235,000 customers.

Nucleus Financial Platforms Group (Nucleus), one of the UK’s leading, independent, adviser platform groups, has released new research revealing that 71% of UK adults believe the state pension will not exist or will be less generous when they retire. You can download a copy of our latest report now.

With a general election set for 4 July, the state pension is a topical issue again. As political parties vie to secure votes, discussions around the benefit have heated up.

Of the 2,100 people aged 18 and above who took part in Nucleus’ recent YouGov survey looking at retirement confidence levels:

• Almost a quarter (24%) said they think the state pension will not exist in its current form.
• A further 24% think it will be a lot less generous than it is today by the time they reach state pension age (SPA).
• Meanwhile, 15% think the state pension will be a little less generous than the current level and 8% believe it will not exist at all.
• Conversely, 6% said they think the state pension will be more generous than it is today. A further 5% are already receiving their state pension and 18% were unsure as to what its future might look like.

The state pension plays a key role in average income for existing pensioners, but Nucleus’ research shows future generations are realising they may not be able to count on it.

Overall women are more doubtful about whether the state pension will exist in years to come. Just over a quarter (26%) think it will not exist in its current form, while 9% believe it will be a thing of the past entirely. This compares with 21% and 7% respectively for men.

Fewer women (4%) think the state pension will be more generous than today, whereas 9% of men hold that view.

For people reaching SPA now, it will be age 66 for both men and women. For those born after 5 April 1960, there will be a phased increase to age 67 and eventually 68.

Those aged between 35 and 54 are most sceptical that the state pension will exist as it does now.

Andrew Tully, Technical Services Director at Nucleus, said: “These findings re-affirm the importance of having a plan for retirement. State pensions are the bedrock of people’s retirement income, but they are complex and the position is constantly changing. Over the past 10 years we have seen the introduction of the new state pension, increases to state pension age with more to come soon, and a constant debate around the future of the triple lock. It’s therefore no surprise that many have little confidence the state pension will be around in its current format, or exist at all, by the time they reach state pension age. Being unable to rely on the state pension makes planning even more vital.

“However, the constant change in pension legislation doesn’t support retirement planning. That’s why we’re a driving voice in the industry in the call for an independent, long-term savings commission. On such a crucial topic as retirement, we need cross-party consensus on the development of proposals for pension and savings policy, including how much the state pension should be and when it should be paid over the longer term. It would bring much-needed clarity and allow more people to plan for their retirement with confidence.”

Nucleus found that more than 20% of each age group believe the state pension will be a lot less generous than it is today, while the youngest cohort were the most unsure what way it could go.

All age groups were somewhat muted (between 5% and 8%) when it came to thinking the state pension will be more generous than it is today.

Respondents aged 35 to 44 were the most vocal (13%) about the prospect of the state pension disappearing altogether. This was followed by those aged 45 to 54 (11%). Only 2% of those aged 55 and over thought that would be the case, while 5% of those aged 18 to 24 and 9% aged 25 to 34 agreed.

Nucleus’ findings support the fact that - understandably, those with a longer time horizon until they retire may have concerns about their financial future.

Last year, Nucleus launched its inaugural UK Retirement Confidence Index and found overall adults aged 50 and over had a confidence score of 6.9.  Six months on it followed up with this latest survey, this time broadening the age range to those 18 and above.

Based on responses to the same central question of how confident people feel about having enough money to live on for the rest of their lives, the updated results reveal an overall confidence score of 4.4 out of 10 – down 36%.

The most recent results show a significant gap in confidence levels between younger ages and those aged 55+ (the most confident with a score of 5.3).  

Perhaps surprisingly, the youngest age group (18 to 24) was the next most confident at 4.6. However, those aged 25 to 54 had an average score of 3.5. 

There was also a difference between men (4.8) and women (4).

Nucleus will be releasing the next UK Retirement Confidence Index in November 2024.
 

ENDS

Enquiries:

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

Notes to editors:

The Nucleus Financial Platforms group offers investment platforms and products exclusively to financial advisers, that ultimately help make retirement more rewarding.

Renowned for its SIPP expertise, James Hay Partnership has been working with larger financial advisory groups for more than 40 years, providing the means to administer pensions, savings and investments in a cost and tax efficient way.

Our award-winning platform Nucleus was founded in 2006 by advisers committed to altering the balance of power in the industry by putting the customer centre stage.

Curtis Banks is one of the UK’s largest administrators of SIPP and SSAS solutions for customers and businesses.

It is one of Europe’s largest commercial property landlords, a specialist area for self-invested pensions. The business maintains a focus on providing high levels of technical support, robust service, modern technology and innovation.

Together we’re one of the UK’s leading, independent, adviser platform and product groups, with approximately £89 billion in assets under administration, helping nearly 5,500 advisers make retirement more rewarding for almost 235,000 customers.

Nucleus Financial Platforms, one of the UK’s largest adviser platform groups with £89bn of assets under administration (AUA) from 235,000 customers, has received approval from the Financial Conduct Authority (FCA) for the acquisition of Third Financial.

Third Financial is a fast-growing investment platform and software provider. The acquisition enables the group to further expand its ‘adviser-as-a-platform ’ proposition, offering a complete range of platform, product and software solutions for advisory businesses and consolidators, as well as discretionary fund managers (DFMs).

It’s fully aligned with Nucleus’ strategy of building scale so it can continue investing in product, service and price, while Third Financial will benefit from the financial strength, opportunities and capabilities of the wider Nucleus group.

Richard Rowney, Chief Executive Officer of Nucleus, said: “We’re pleased to have received regulatory approval and now look forward to welcoming the Third Financial team into our group. The acquisition extends and complements our existing enterprise and ‘adviser-as-a-platform’ proposition, enabling us to offer a full spectrum of platform models to advisers, consolidators and DFMs of all types.”

ENDS

Enquiries:

Victoria Webb
Head of Public Relations
E: newsroom@nucleusfinancial.com 

Tom Allison/Shan Willenbrock
TB Cardew
T: 0778 9998020/07775 848537

About Nucleus:

The Nucleus Financial Platforms group offers investment platforms and products exclusively to financial advisers, that ultimately help make retirement more rewarding.

Renowned for its SIPP expertise, James Hay Partnership has been working with larger financial advisory groups for more than 40 years, providing the means to administer pensions, savings and investments in a cost and tax efficient way.

Our award-winning platform Nucleus was founded in 2006 by advisers committed to altering the balance of power in the industry by putting the customer centre stage.

Curtis Banks is one of the UK’s largest administrators of SIPP and SSAS solutions for customers and businesses.

It is one of Europe’s largest commercial property landlords, a specialist area for self-invested pensions. The business maintains a focus on providing high levels of technical support, robust service, modern technology and innovation.

Together we’re one of the UK’s leading, independent, adviser platform and product groups, with approximately £89 billion in assets under administration, helping nearly 5,500 advisers make retirement more rewarding for almost 235,000 customers.

About Third Financial:

Third Financial is the UK's leading investment platform for the thinking wealth adviser and manager.

It brings together its own market-leading technology and the expertise of over 100 industry professionals within a culture of exceptional client service.

It provides the core processing, asset servicing and market connectivity for the management of over £50bn of assets.

It delivers a full digital experience to wealth professionals and their clients with the reassurance of friendly and expert support when required.