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NHS Pension Workshop for GPs

The continued pressure on the NHS and the additional pressure put on GPs and Practice Managers has become intolerable for many.  This coupled together with the continued 'attack' on NHS Pensions, has most GPs questioning whether it is worthwhile being a member of the NHS scheme.  In very simple terms, for most GPs, the answer is YES!

Our workshop will explain the NHS Pension scheme so you understand the value of the benefits it provides.  We will also address some of the pitfalls to watch out for and provide some steps you should take in order to obtain accurate information regarding your own personal circumatances which will enable you to make informed financial decisions.  Despite the NHS Pension Agency being behind the curve, our specialists have the answers!

  • Tuesday, 10th February 2015

NHS Pension Workshop for GPs

CLASSIC QUESTION: 'Should I stay or should I go?'

Date: Tuesday 10th February 2015
Time: 7pm - 8.30pm (registration & refreshments from 6.30pm)
Cost: Free to attend (places limited to 30)
Venue: BW Medical Accountants, BW House. 2/3 Park Rd. Gosforth Business Park. NE12 8DG
Register: To book your place, email rachael.mackay@bw-medical.co.uk or telephone 0191 500 6930.
Parking: Free (to the front & rear of the building)

For most GPs who qualified in the early 1980s the classic song 'Should I stay or should I go' by the Clash in 1982 may be memorable.  It is however, a question I am often asked by GPs who are now in their mid-to-late 50's.

The continued pressure on the NHS and the additional pressure put on GPs and Practice Managers has become intolerable for many.  This coupled together with the continued 'attack' on NHS Pensions, has most GPs questioning whether it is worthwhile being a member of the NHS scheme.  In very simple terms, for most GPs, the answer is YES!

The most common questions I get asked from GPs at the moment are:

  • How will the reduction in both the Lifetim Allowance & the Annual Allowance affect me?
  • Should I remain a member of the scheme or should I opt out of the scheme?
  • When can I afford to retire?
  • I need to make my choices 2 exercise by 16th March, should I transfer to the 2008 scheme?
  • Should I join the 2015 scheme?

Our workshop will explain the NHS Pension scheme so you understand the value of the benefits it provides.  We will also address some of the pitfalls to watch out for and provide some steps you should take in order to obtain accurate information regarding your own personal circumatances which will enable you to make informed financial decisions.

Despite the NHS Pension Agency being behind the curve with the right information, our independent financial advisers can tell you;

  • What is the actual value of your benefits as at 5/4/14 as this determines your personal limit for IP14.
  • Where are you with the Annual Allowance for 2012/13, 2013/14 and 2014/15 when the limit went down to £40,000.
  • Should the scheme pay or should you pay any tax liabilities?
  • Should you take 24 hour retirement?
  • Should you stay or should you go now?

The speakers:

Kevin Walker
NHS Pension Specialist / Independent Financial Adviser
Kevin has worked in the financial management industry for over 30 years and has extensive wealth management experience alongside exceptional knowledge and understanding of NHS Pensions policy and final salary pension schemes.  Kevin lectures nationally to LMC’s, CCG meetings, GP educational events and has also been a guest speaker for national medical conferences such as Pulse Live, providing specialist advice and support on complex NHS pension changes. Despite the NHS Pension Agency being behind the curve, Kevin and his team have developed an in-house financial forecasting model to provide our clients with accurate information, advance warning re Annual Allowance (AA) and Lifetime Allowance (LTA) problems but most importantly specialist independent advice as to what they should do about it!

Keith Taylor
Specialist Medical Accountant / Head of Medical Services
Keith is a chartered accountant and has worked in the profession for over 32 years, latterly specialising in the delivery of specialist accountancy and taxation services to GP Practices and healthcare professionals.  With a proven track record in medical finance and a wealth of experience, Keith is a leading expert in accountancy services for the healthcare sector.  His vision was to create a niche firm which raises the bar in terms of medical accountancy service provision. By recruiting a talented team with proven track records our depth and breadth of knowledge is unrivalled.  BW currently has the largest and most experienced medical finance team in the North and acts for over 70 GP Practices and over 500 medical professionals across England.

  • Very smooth changeover to BW, with good communication at all times. Very efficient in the production of the accounts (as promised) and the Partners are delighted with the advice received to date.

    Paul Atkinson, Practice Manager
    Netherfield House Surgery, Northumberland
  • BW Medical Accountants have a good working knowledge of General Practice and are keenly aware of the challenges Practices face within the changing environment of the NHS.  Benfield Park have been very impressed by the way BW Medical continue to deliver the range of services they provide from Accounts to Tax and NHS Pension advice. 

    We have found Practice consultation and engagement from BW Medical specifically helpful to shape the future of the Practice.

    Jonathan McCutcheon, Practice Manager
    Benfield Park Medical Group, Newcastle
  • We had no hesitation in moving to BW Medical Accountants.  For any business your accountant is integral, and for us one of the most important factors to this relationship is to have a personal and trusting approach, which BW have undoubtedly achieved. 

    The service we receive and the interest they show in our practice assures us that they have a genuine interest in us and commitment to us.  More importantly they are always helpful and polite to answer even the dumbest of questions!  They give us confidence and reassurance knowing that they are always very up-to-date with all the numerous changes within general practice and we would have no hesitation in recommending them to other practices seeking a professional and personal accountancy service.

    Jackie Rotherham, Practice Manager
    The James Street Family Practice, Lincolnshire
  • We moved to BW Medical Accountants in 2013 and we are delighted that we have.  Having been in the same business for over 20 years it is important to have a relationship with the accountancy team but most importantly you need to have trust.  We made the decision to move our business to BW Medical Accountants and having worked with the Team especially Tina we are very satisfied.  Tina going through the accounts brought to our attention many things that I was not aware of in the past.  The first years' experience can only be described as excellent.

    Customer service is first and foremost with BW and this shines through as each and every one of them are approachable, helpful and most importantly understand and know the business.  General practice is complex and is going to get more complex in the coming years.  We need Accountants who truly understand our business. We as a practice and as individuals would certainly recommend BW Medical Accountants.

    Gloria Middleton, Managing Partner
    Westbourne Medical Group, Sunderland
  • We changed to BW Medical Accountants during this financial year and I would say we have just had the most transparent and understandable end of year meeting and the best planning advice I have ever had in 16 years of practice.

    Dr H Jervis, Partner
    Temple Sowerby Medical Practice, Cumbria

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