NHS Pension Advice

Thesmiths

We are looking for a pensions specialist with knowledge of the NHS scheme to allow us to work out a future pensions payment plan, avoiding potential excessive tax payments due to salary level and salary increases in the past few years. The NHS pensions team is unable to provide the information we require as they consider it to be advice.

Can anyone point us in the right direction of who might be able to help us?

Thank you
The Smiths

JoeCrystal

Look for an IFA who might be able to help out?

try the website, https://www.unbiased.co.uk/

stoozie1

After not getting the info I wanted from NHSBSA we tried Wesleyan as they are good at medical/dental and occupational pensions.

Alternatively you could ask on here? There are some extremely knowledgeable people on here. (I'm not one of them!)

xylophone

http://www.nhsbsa.nhs.uk/Pensions/4222.aspx

https://directory.moneyadviceservice.org.uk/en

hyubh

Thesmiths wrote: »

We are looking for a pensions specialist with knowledge of the NHS scheme to allow us to work out a future pensions payment plan, avoiding potential excessive tax payments due to salary level and salary increases in the past few years. The NHS pensions team is unable to provide the information we require as they consider it to be advice.

Can anyone point us in the right direction of who might be able to help us?

Thank you
The Smiths

What are you worried about exactly?

• If either of you are GPs and formally self-employed, you need an accountant with expertise on the topic of 'NHS superannuation', not a financial advisor.
• If not, then the basic principles aren't that complicated. However, to begin to make an assessment of the impact, we'd need to know where both of you stand in terms of final salary vs. CARE service - primarily the latter, and even sharp salary increases ain't going to be a big deal for Annual Allowance purposes, for example, because they won't retrospectively make dramatic improvements to accrued rights.
• Even if you have a lot of final salary service still with a final salary link, taking the tax hit may be the best way option...
• Or, in other words: don't understate the generosity of the scheme even when tax rules bite.

Gnoley

If you are in the BMA, Chase DeVere are the people that they used for pre retirement planning meetings that I went to. Wesleyan were the company previously, but to be honest i wasn't that impressed, especially when the rep. tried to sell me an ISA that charged a large ongoing cost and was performing less well than my cheap index tracker. Chase DeVere were very knowledgeable about the NHS pension, which is complicated to say the least! However, they were going to charge a lot of money for formal IFA advice ongoing on an individual basis. I found that that I didn't really need any more advice from them after attending the meeting and also getting a free one to one initial meeting. With the help of this forum, and other online information I am now managing finances myself. I found Monevator, Simple Living in Suffolk, Firestarter and the escape artist all invaluable for my ongoing education!
Best of luck.

Traveller14

Does anyone have any more updates on how to contact a good NHS pension specialist - it is impossible to obtain clear advice within the system which relates directly to my personal situation. I have found the situation very difficult, stressful and distressing as my pay is totally unstable due to constant problems with out of hours pay, enhanced pay, retrospectively calculated pay for AfC (random payments) and pension contributions. I am considering only working out of hours as a locum which is a shame as I like the hospital I work at and the job I have.

xylophone

Have you Googled?

Random selection...

http://www.legalandmedical.co.uk/advisers/

https://www.macintyrehudson.co.uk/index.php?/sectors/nhs-pensions

https://approachablefinance.co.uk/financial-advice-for-medical-professionals

https://uk.linkedin.com/in/paul-gordon-b2a552a

etc etc......

GingerJim

Try Money Doctor

SLDB

Hello did you find anyone to help ? We are in a similar position ( over 50 NHS Drs) looking for advice on retirement, NHS pension etc. Have been to a Chase de Vere seminar but felt there was an underlying hard sell.

JoeCrystal

Seem unlikely that the relevant posters will be able to answer your post. It might be worth looking for several local IFAs and ask them if they got any expertise on the NHS pension schemes?