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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?

How we can help (+) Click to open

Retirement Planning Strategy – How we can help

Your retirement planning strategy is not just about how much money you will receive from the NHS Pension scheme but about your personal goals and family circumstances.

There is no "one size fits all solution" to retirement planning as your circumstances will be different to your friends and the colleagues you work with.

You may wish to consider part time work after 24 hour retirement or you might wish to completely retire in two years’ time or tomorrow! Whatever your plans are for retirement our experienced specialist advisers could help you to plan your retirement strategy.

What we do

We will meet with you for an initial consultation (at our expense) where we have a conversation about your goals and objectives.

We would complete a questionnaire gathering details of your current salary, clinical excellence awards or drawings if you are a practitioner, along with details of any financial planning that you may have in place.

At that stage if you are happy to engage with us to look holistically at your financial position and provide you with a retirement strategy which will enable you to make informed decisions, we would then agree a fee for the work involved.

We obtain a Pension statement from the NHS Pensions Agency on your behalf if you do not have a recent one as this provides a fairly accurate picture of your current benefits.

Once we are aware of your current benefits we then create a report which will look at:-

  • Your current financial position

  • Your likely pension at normal retirement age

  • The implications of the Annual Allowance Tax Charge

  • Whether there will be a potential Lifetime Allowance Tax Charge

  • 24 Hour retirement options

  • Deferred membership options

  • Early retirement options

  • Strategies to avoid potential tax charges

  • Recommendations and advice on existing financial plans

    It may be beneficial for you to talk to an expert who will help you plan effectively for your retirement. Do you really want to be working until age 68?

    If you are interested in taking advantage of this service please contact us