When it comes to planning for retirement, doctors and dentists often face unique challenges that others don’t. Indeed, all your financial decisions will require careful consideration and strategic decision-making, and will likely benefit from the assistance of a professional or two. To learn more about your NHS pension options, including a revolutionary tool that helps to simplify the pension planning process, read on.
This does not constitute advice and advice should be sought in all instances before acting on it.
NHS Pensions Schemes Overview
NHS Pension Scheme (1995): This scheme, accepting members from 1995 to March 31, 2008, offered a defined benefit based on final pensionable pay and years of service.
NHS Pension Scheme (2008): Introduced on April 1, 2008, for new NHS employees, this scheme employed a career-average revalued earnings (CARE) formula, considering a percentage of earnings throughout one’s career.
NHS Pension Scheme (2015): Launched on April 1, 2015, this CARE scheme differs from the 2008 scheme with a higher accrual rate and a new normal pension age, usually aligned with the State Pension Age.
To learn more about these schemes and how your pension will be impacted based on which scheme you’re a member of, get in touch with us today.
NHS Pension Modelling for Informed Decision-Making
Medifintech is the premier technical specialist on NHS pensions, providing unparalleled support for members, financial advisers, accountants, professional organisations, and NHS employees. One of their key offerings is cutting-edge NHS pension modelling, a tool designed to simulate the future value of an NHS pension based on various inputs and assumptions.
The comprehensive report projects your NHS pension to your chosen retirement date, considering factors like Annual Allowance, Scheme Pays, Lifetime Allowance, McCloud remedy, and Annual Allowance reassessment. You can model up to five scenarios including, but not limited to:
- Partial retirement
- Retire and return
- Mccloud re-assessment
- Early/Late retirement
- Dropping PA’s/Sessions
- Taking additional responsibilities
- Pay protection (for loss of CEA, Management allowances, restructures)
- Leasing cars
In a special collaboration with Medifintech, we aim to leave no stone unturned in your pension plan. Attempting to model various scenarios on your own can be time-consuming and complicated. This is where MediFintech’s modelling tool adds real value, providing essential information for educated decision-making about your NHS pension.
Medifintech Report – A Crucial Resource
For anyone that needs to deal with an NHS pension and is looking at their retirement options, including hospital doctors, GPs, nurses and Senior Managers, the Medifintech report is an indispensable resource.
If you want to gain insight into potential scenarios and receive personalised advice from experts, we suggest utilising the NHS pension modelling tool and bring your results back to Dental & Medical Financial Services for guidance. To access this valuable report, visit the dedicated registration link for DMFS clients and embark on a journey towards informed pension planning. Plus, if you register today, don’t forget to claim your £100 contribution by Dental & Medical Financial Services.
For more NHS pension resources from this collaboration with Medifintech, check out their webinar.
Professional Pension Planning
Understanding the intricacies of flexible retirement options is crucial for doctors and dentists planning their pensions. The partnership between Dental & Medical Financial Services and Medifintech not only provides technical insights into NHS pension schemes but also an innovative tool to empower you to make informed decisions about your retirement. Don’t miss out on this opportunity; take the first step towards a secure and prosperous retirement by registering today.