You may be considering different options to boost your NHS Pension and ensure you provide pension benefits to your loved ones.
Conducting a full review of your individual circumstances will enable our expect medical team to help you choose the most tax-efficient options, considering the following:
- ERBO
- Additional pension
- Added years
- Individual/fixed protection 2016
- SHO
- Understanding death benefits
We’ll help you review your overall pension strategy, carry out the calculations and explain to you exactly how you could benefit from boosting your pension.
When considering protecting your benefits, we’ll look at whether setting up a Trust, specifically designed to receive death benefits from pension schemes, would be beneficial. This would protect your pension from tax over the long term and ensure it’s safeguarded in circumstances such as bankruptcy or divorce.
The NHS Pension and any private pensions you may have is designed to provide an income in retirement. However, it can also provide valuable benefits for your dependants, should you die at work, or before you reach age 75.
This can represent a significant sum of money.
For obvious practical reasons, you may have chosen for such benefits to be paid to your partner. However, the resulting proceeds would then form part of their estate.
On death this could potentially create or increase a liability to Inheritance Tax (IHT) which could result in a loss of up to 40% of assets over the nil band of £325,000.
Other causes may result in 100% of your death benefits going where you would not have wanted them to.
We can offer access to our Asset Preservation Trust, for which there is no charge.
The Asset Preservation Trust is specifically designed to avoid some of the most severe and unwanted financial problems that can arise on your death.
This useful tool may not suitable for everyone, so we recommend a thorough review of your individual circumstances.
The levels and bases of taxation, and reliefs from taxation, can change at any time. The value of any tax relief depends on individual circumstances.
Trusts are not regulated by the Financial Conduct Authority.
