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Building and protecting your wealth

Time for a Pension Review

What are your plans for retirement? Travelling to see the world or visit family and friends? Taking up new hobbies or reigniting interest in old ones? Have plans to learn new skills? Whatever you’ve set your heart on, you’ll need a solid financial plan in place that will help get you where you want to be by the time you stop working.


This does not constitute advice and advice should be sought in all instances before acting on it.


Personal Pensions

Pensions aren’t just a “set it and forget it” type of savings. Changes to public sector retirement and pensions could affect your retirement plans as a dental or medical professional.

Most recently, the introduction of the tapered annual allowance has had a huge impact on high earning professionals. Many find themselves breaching the annual allowance and have been utilising NHS Scheme Pays to take care of their tax bills.

Scheme Pays is not the best long-term plan, however, since continued use of this option each year will only eat more into a pension pot, compromising the lifestyle many people hope to live in retirement.


Now that the NHS Scheme Pays deadline has passed, it is the perfect time to undergo a pension review with your financial advisor.

An extensive pension review will:

  • Confirm your target income, capital requirements and your desired retirement date
  • Evaluate your current pension situation and advise on any action required in light of new and possible pension rule changes
  • Ascertain your total pension value and advise on the potential impact of lifetime allowance and the annual allowance
  • Discuss how to make up any shortfall and advise on the best method for you
  • Provide a detailed report covering our findings and offer tailored advice to help you achieve your retirement plans

Pensions for your practice

As a practice owner, you have an additional responsibility to review the pension options you offer your staff. You might think your job is done once you’ve become compliant by offering the minimum contribution to your employees or have a plan sorted to deal with re-enrolment, but that’s not necessarily the case.

Market and business changes will have an impact on your work pension offerings and you might be able to take advantage of services from new entries into the market.

More competition means more opportunities to save money as an employer and for your employees. A new provider might offer a reduced annual management charge which would be seen as a huge win for your staff.

If your practice has experienced any changes – such as growth or shift in demographics – you might be able to negotiate better terms. A competitive pension contribution will help you recruit and retain quality employees so it’s really to your benefit to ensure you’re offering the best you can.


Discuss your retirement plan now

Whether you are currently contributing to a pension pot or nearing retirement, our professional financial advice is designed to help you build a more secure future.

As part of your review, we’ll evaluate your existing savings and investments to gauge your current financial position. From there, we’ll prepare a summary of your current investment portfolio and advise on asset allocation, risk profile and tax aspects. Reach out to an advisor to schedule a time for your review now.


Time for a pension review?
Investments | Financial Planning | Retirement | Save Tax | Protection |

Dental & Medical Financial Services have been helping doctors and dentists to build and protect their wealth, whilst saving tax for over 25 years.
Call Darren to discuss your options.

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Tel: 01403 780 770

 

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COOKIE POLICY | PRIVACY POLICY | DISCLAIMER


Dental and Medical Financial Services is an appointed representative of Best Practice IFA Group Limited, which is authorised and regulated by the Financial Conduct Authority. Company registered in England no. 9158580 Registered office: 1 Market Square, Horsham, West Sussex, RH12 1EU

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