We have developed an expertise in advising clients with medical backgrounds in relation to benefits accumulated in the NHS Pension Scheme as well as in other pension arrangements and the range of options available. In particular, we have helped individuals when they have been required to make choices in relation to the NHS Pension Scheme and also where their total pension accumulation approaches or exceeds the Lifetime Allowance. In these circumstances, the timing and order of drawing benefits from various arrangements can have a significant impact on the overall net worth of the total benefits.
- Review of benefits in the NHS Pension Scheme and any other pension arrangements held and the options available.
- Assessment of the impact of the Lifetime Allowance on total pension accumulation and the effect of the Annual Allowance on continuing pension accrual.
- Advice on the merits of making additional contributions to supplement retirement provision.
- Advice in relation to the impact of changes in the pensions tax regime and assistance with registering for transitional protection of higher personal allowances where relevant.
- Advice on strategy for drawing benefits, including assessment of the impact of drawing benefits at various times and – where there is more than one pension arrangement – the impact of drawing benefits in a different order.
- Actuarial evaluation of the value of benefits under different options to enable decisions to be made, with regard to timing of drawing benefits from various pension arrangements.
- Advice on the merits of utilising personal pension funds in different structures, where appropriate, to provide greater investment flexibility, which may be particularly useful for those in private practice.
- We have 35 years’ experience advising clients in general or private practice and we work closely with their other professional advisers from leading law and accountancy firms.