NHSPension
For many years, the NHS Pension Scheme has been one of the main remunerated benefits of joining the medical profession.
It has gone through several transformations and although not as generous as it once was, still offers significant advantages to those working in the medical vocation.
The issue is that the workings of the NHS Pension are not entirely straight forward and therefore navigating the scheme to make good choices for later life can be difficult.
For example, there are various sections of the NHS Pension. There is the current 2015 Scheme as well as the previous versions, now known as the 1995 Section and the 2008 Section.
Each version of the NHS Pension Scheme has different criteria.
The two older sections are run as final salary pensions, and the newest 2015 scheme, is a career-average pension. Members of the earlier sections will receive benefits after retirement based on their last salary and members of the newest will receive benefits based on their average salary throughout their career.
The sections also have different accrual rates, retirement ages and tax-free lump sums. Understanding how each NHS Pension Scheme works and importantly, how it can impact your finances and your tax can be challenging.
I have witnessed the various changes to the NHS Pension Scheme over several decades and will always recommend using specialist medical financial advisers and accountants to support you in decision making.
Trying to go it alone without expert help may mean missing opportunities to maximise your wealth, creating problems for your loved ones in the future or increasing the tax you need to pay unnecessarily.
Using medical financial advisers and accountants could pay dividends for you and your practice or business.
Helping you to fight poor advice
When reviewing your pension benefits (including your NHS pension and private pensions) we are able to assess the suitability of any previous financial advice that you have been given.
We have identified many cases where new clients have been previously poorly advised – perhaps by financial planners with little experience of the NHS pension. For example, those individuals may have been guided to take out a private pension rather than increasing their NHS pension benefits which is likely to have been much more beneficial to the client.
We have long-standing relationships with credible claims companies that specialise in this area and can help secure compensation of up to six figures where previous poor financial advice has been given.
Getting in touch couldn't be easier
To request a call back from Mark or one of his team, please complete the form or email us.