At Medical and Dental Financial Planning Services, we have the benefit of many years spent advising doctors and dentists and guiding them through financial planning for protecting the family, savings and investing for the future, retirement, and the complex tax issues that can arise.

One of the main challenges facing doctors and dentists working in the NHS is the changes required to contracts of employment from constantly evolving expectations around responsibilities, roles and geographical locations.

It is especially important to ensure that you keep track of the pension benefits you have accrued over the years, as these may be in different NHS Pension Schemes; either in England or Wales, Scotland, or Northern Ireland.

It is especially important to seek professional specialist independent advice when contemplating transferring service from one of the home nation’s schemes to another, as this could have major tax consequences.
We can help you understand how the new pension legislation can be structured to work for you, within your own financial plans. Over the years we have designed an NHS pension projection modeller, which helps us to provide an estimate of your pension benefits at the time you plan to retire. We provide:

* A comprehensive review of your NHS Pensions, including an estimate of your benefits at any proposed retirement age, and including the impact of the Scheme changes through cash flow modelling.
* A review of your service history, to ensure it is correct, and forward projections of your income based on anticipated routes of career progression.
* A review of the options and strategies available for you to increase your pension provision within the NHS Schemes, or in addition to them.
* Assistance in making decisions about which strategies are the most relevant for you, especially if you plan to retire early, reduce sessions, take a larger tax-free lump sum or stop or start additional contributions to your NHS Pension.

If any of the above areas apply to you, then please contact us and we will be pleased to help.

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  • Institute of Financial Services
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