Nucleus makes pension calculations easier
Nucleus has extended its range of technical product resources for advisers with the addition of a number of updated pension tools.
They’re designed to free up advisers’ time by making pension calculations easier, helping them keep up to date on the multitude of complex pensions and other policy changes.
Advisers will be able to work out a client’s annual allowance, including any available carry forward, and also demonstrate how salary sacrifice can boost pension savings.
The calculators were developed by Dunstan Thomas, the Nucleus group’s specialist fintech solutions subsidiary.
Annual allowance
The annual allowance calculator helps individuals work out how much they may be able to save into their pension scheme(s) in the current tax year without incurring an annual allowance tax charge.
Advisers will need details of their client’s pension savings (including defined benefit accrual) going back at least three tax years, as well as their tapered annual allowance amounts, if applicable.
The calculator will consider the contributions already paid and any unused allowance from the previous three tax years.
Salary sacrifice
With the salary sacrifice tool, clients will get a better idea of what their take home pay could look like if they decide to give up part of their salary in exchange for pension contributions.
The calculator considers the impact on income tax and national insurance. It will allow advisers to compare relief at source and net pay/salary sacrifice.
Advisers will also be able to edit the client’s personal allowance, confirm where they are in the UK for tax purposes and specify whether employer national insurance savings will be passed to the client and at what percentage.
There is also an option to specify alternative pension arrangements as a way of comparing different pension contribution scenarios.
Andy Tully, Technical Services Director at Nucleus, said: “Adviser’s time is precious, as is their client’s time, so we want to help wherever possible.
Within the Nucleus Group we have deep pensions technical expertise. We aim to provide the products and services advisers need to create and manage a holistic financial plan for their clients, so they can achieve their investment goals and ultimately help make their retirement more rewarding.
With all the complex changes around pensions in recent years, having the tools available to demonstrate what clients can save towards their retirement is more important than ever."
The calculators are available to advisers within the Nucleus Illuminate Technical hub. There, advisers will also be able to access technical factsheets on a range of different subjects to do with pensions, investments, tax and trusts.
The resource hub also includes a series of tech talks on key industry topics, as well as articles from the technical team on matters likely to affect advisers and their clients.
And the Nucleus Technical Support Team is currently on the road running a series of masterclass workshops, giving advisers an overview of how their clients are affected by what was announced in the recent Budget and the latest changes to pension policy.
They started this week, visiting Leeds, Edinburgh, Belfast and Birmingham, before concluding in London at the end of the month. Advisers can register here.
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 £100 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.