NHS Pension Calculator

jmle101

I am having to do some pension planning on whether to stay in or opt out of the NHS pension scheme die to expected tax charges. Does anyone have access to the BMA Goldstone pension modelling tool they're able to share?

You'll be saving me hours of time and unnecessary fees for someone plugging numbers I to a spreadsheet for me.

Thanks.

JoeCrystal

Join the British Medical Association, perhaps?

jmle101

JoeCrystal said:

Join the British Medical Association, perhaps?

Hadn't thought of that one! Thanks for the advice.
I'm an NHS manager, not a medic, so not eligible to join the BMA. Same pension though.

hyubh

jmle101 said:

JoeCrystal said:

Join the British Medical Association, perhaps?

Hadn't thought of that one! Thanks for the advice.
I'm an NHS manager, not a medic, so not eligible to join the BMA. Same pension though.

And on a consultant-style 6 digit salary...? (Given you are thinking opting out may be a good idea.)

jmle101

hyubh said:

jmle101 said:

JoeCrystal said:

Join the British Medical Association, perhaps?

Hadn't thought of that one! Thanks for the advice.
I'm an NHS manager, not a medic, so not eligible to join the BMA. Same pension though.

And on a consultant-style 6 digit salary...? (Given you are thinking opting out may be a good idea.)

Yes. Six figure salary, 60+hour work weeks pus out of hours on call, professional qualification, masters degree and 25 years of experience.

hyubh

jmle101 said:

hyubh said:

jmle101 said:

JoeCrystal said:

Join the British Medical Association, perhaps?

Hadn't thought of that one! Thanks for the advice.
I'm an NHS manager, not a medic, so not eligible to join the BMA. Same pension though.

And on a consultant-style 6 digit salary...? (Given you are thinking opting out may be a good idea.)

Yes. Six figure salary,

OK, in which case I'd recommend paying for proper advice by a professional with NHS pensions expertise (which doesn't mean a generic IFA). Random anonymous advice on the internet will be a false economy.

60+hour work weeks pus out of hours on call, professional qualification, masters degree and 25 years of experience.

You sound embarrassed by your wealth. Another benefit of paid for professional advice: you won't get into a debate about such matters.

jmle101

hyubh said:

jmle101 said:

hyubh said:

jmle101 said:

JoeCrystal said:

Join the British Medical Association, perhaps?

Hadn't thought of that one! Thanks for the advice.
I'm an NHS manager, not a medic, so not eligible to join the BMA. Same pension though.

And on a consultant-style 6 digit salary...? (Given you are thinking opting out may be a good idea.)

Yes. Six figure salary,

OK, in which case I'd recommend paying for proper advice by a professional with NHS pensions expertise (which doesn't mean a generic IFA). Random anonymous advice on the internet will be a false economy.

60+hour work weeks pus out of hours on call, professional qualification, masters degree and 25 years of experience.

You sound embarrassed by your wealth. Another benefit of paid for professional advice: you won't get into a debate about such matters.

Thanks.
Just to be clear, I haven't asked for advice here. I'm asking for access to a pensions modelling tool.

NorthernJoe

Thanks.

Just to be clear, I haven't asked for advice here. I'm asking for access to a pensions modelling tool.

I assume you have medical contacts? You could ask around 

There is excel calculator that most of us use (senior medical consultant). It was primarily to calculate potential AA liability but is a useful projection tool.

It is primarily for transitioning members (95/15) as that is where the complexity arises. If you are in a single scheme, the calculations are fairly straightforward.

It was on the Doctors.net website but I suspect has been withdrawn as BMA have now largely "bought" the rights to it but it is still widely in circulation.  

It's obviously no substitute for professional advice but is certainly useful on a personal level. 

TARDIS

The BMA version is not easy to share as requires passwords from your BMA account. It’s also designed for consultants/SAS drs so not sure how well it will work for others.
It also won’t take into account the McCloud judgment remedy which will most likely reduce any AA liability you may have.

I think the old DNUK version is no longer linked to the doctors.net forum, but as NorthernJoe says someone where you work may have a copy. 

Assuming you’re a senior manager with potential influence if you are seen to encourage your Trust to give consultants who opt out at least a portion of what would be the employer’s contribution you may find they are more willing to share it!