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Retirement Strategy
When you were new to the NHS and a long way off from retirement you may not have given a great deal of thought to your pension plans. If however you are now in your 40's or 50’s retirement planning may be something that is becoming more and more important to you.
You will hopefully be aware that Pension changes are being imposed upon you; The BMA even called a strike over the issue! The importance of pension planning has been highlighted more than ever before and the following section will hopefully highlight the importance of planning ahead.
With the changes to the NHS Pension Scheme coming shortly after the changes in Government Pensions Legislation introduced in 2012, 2014 and 2016 restricting both contributions and the maximum benefits, it has become very confusing so it is important to be aware of your personal retirement position.
You may be happy working on beyond your original target retirement age, but if like the majority of NHS Professionals you would like some control over when and how you want to retire, unless you plan ahead and start saving earlier or fund your retirement "pot" at a higher level you will have no choice but to work longer. In many cases, supplementary planning is not only also required but it has huge tax advantages too.
You may also have already started to build a separate pot of money to help maintain you in retirement and may have Personal Pensions, SIPP’s or ISA portfolios. Have you reviewed these recently? If the plans were set up some time ago, have you checked to see whether you are still paying high charges as many providers have introduced much cheaper contracts?