Overview
Do you understand how changes to the NHS Pension Scheme, around Annual Allowance, Lifetime Allowance and the recent McCloud Judgment could affect your retirement plans?
The Background
The NHS Pension Scheme is an attractive benefit for members but over recent years it has become more complex due to the introduction of significant changes on 1 April 2015 and then the outcome of the recent McCloud Judgment. This complexity is further enhanced by the interaction with the Annual Allowance and Lifetime Allowance tax rules, where ill informed decisions can result in significantly poor outcomes for Scheme members.
However, there is no denying that the NHS Pension Scheme is a great benefit to its members and with the right professional financial advice around which scheme is best for you, it can be hugely beneficial towards building a secure financial future for you and your family.
NHS Pension Analysis Report Overview
This NHS Pension Analysis Report
is aimed at putting members in an
informed position about the Scheme
benefits of their NHS Pension.
In particular, we look at how your Scheme
benefits could grow and the impact this
could have on your Annual Allowance
and Lifetime Allowance tax position.
The report is specific to the individual
members circumstances, your retirement
date and whether you want to retire
earlier or later than planned. What if
you defer taking your pension or take
it early. What do your earnings look like
today and in the future or what would
the impact be on reducing your sessions
/ PAs. What have you done about your
annual allowance, should you do anything,
which pension Scheme is best for you
after the McCloud Judgment – should you
stay in your specific legacy Scheme or not.
How Can The Report Help You?
There are a number of areas the report can help you with when making decisions based
around your retirement plans and NHS Pension Scheme involvement. These include:
- Understanding the impact of
the McCloud Judgment on your
benefits and decide which Scheme
is best for you
- Considering the implication of Annual
Allowance and Lifetime Allowance tax
charges on your pension
- Deciding whether you should stay in
or opt out of the NHS Pension Scheme
- Planning how to retire and return
to work based on your personal
circumstances
- Checking your service record to date
and ensure you have accrued the
correct level of benefits based on your
level of service in the NHS
How Does It Work?
To prepare your personal report we will work with you to understand the facts and figures around your Scheme membership and the documents required to complete your analysis. Our years of experience in dealing with NHS Pensions, means we understand how to best gather the information required and can liaise directly with NHS Business Services Authority when required. If you have an accountant we can also speak to them to obtain historic earnings.
We know that the information held in relation to your NHS Pension can sometimes be out of date or based on estimates. We take this into account as much as possible by using the accrued pension benefits, from the most recent Total Reward Statement/ Annual Benefit Statement, and projecting pension benefits forward in accordance with the NHS Pension Scheme rules.
Further Guidance On Your NHS Pension Scheme
The NHS Pension Scheme is complex and especially with the recent McCloud changes, it is now more important than ever to get financial advice from experts in this area. To speak to your local medical financial expert from Capstone Financial please:
