NHS Pension Management Service
Our NHS Pension Management is a highly specialist service and unique to BW Medical Accountants. We act for Consultants, Hospital Doctors, NHS Foundation Trusts, GPs, Locums, Dentists & senior Healthcare Staff / Officers.
How does the NHS Pension work?
The complexities of the NHS Pension scheme are fiendishly difficult to fathom, even for industry experts. Put simply, it is a pension scheme for all staff working in the NHS, from doctors and nurses to office staff. But the framework is ever changing and can be complex for healthcare professionals to understand. Our NHS pension experts and mathematicians have had to develop a complex forecasting model to help ensure we can stay ahead of any issues that may arise as a result of the continually changing landscape around the NHS Pension Scheme. Keeping you one step ahead of the scheme means that you can make choices informed by facts and figures.
There are different NHS pension membership schemes – which one you’re in will depend on when you joined the scheme. The administration of the scheme and tax implications are complex so it can be confusing for members, which is why our specialist NHS pension management service is so valuable.
What can BW Medical do to help?
BW Medical Accountants initially flagged the catalogue of errors being made by the NHS Pension Agency (NHSPA) when issuing statements, several years ago. Information provided by NHSPA is unreliable and continues, at times, to be highly inaccurate. As our specialist medical accountants have the expertise readily available in-house, despite the laborious administration required, we took a proactive stance on the NHS pension to ensure BW Medical clients have the required support and guidance regarding their position and available options. As your personal financial position can often have a major impact on your career decisions and life choices the two tend to go hand-in-hand. Our NHS Pension experts can support clients from qualification through to retirement.
Our NHS pension process
We have a very specific and meticulous process for our NHS Pension Management Service, to ensure accuracy of your pension records. Our medical accountants, mathematicians and tax advisers work together to deliver this highly specialist NHS pension service. They complete a review of your career history, reconcile your pension figures and complete the complex calculations to establish your pension tax position and produce your comprehensive pension report. This includes an element of forecasting so you can plan ahead! Should you be likely to breach tax limits or require personal financial planning or retirement advice then we can introduce you to a regulated financial adviser who understand the complexities of the NHS Pension Scheme and also the reports produced by BW Medical Accountants.
Our NHS pension experts - history & track record
Kevin Walker is a founding Director of BW Medical Accountants and was formally a Director of Independent Financial Advisory firm Blackett Walker Ltd for 25+ years until it was acquired by Global Wealth Management Firm Sanlam earlier in 2019. Kevin is a qualified Financial Adviser and was a Director at Sanlam until he stepped away from delivering 1;1 advice in 2020. Kevin remains a Founding Director of BW Medical Accountants and before his 'retirement' trained a cohort of advisers at Sanlam with regards to the NHS Pension. It was originally Kevin's background in final salary pensions combined with Keith Taylor's medical accountancy experience that led us to creating our niche firm and developing this unique service.
In Kevin’s words:
‘At BW Medical, it is all about the personal touch. We invest in delivering an exceptional service for our medical clients and we don't compromise on quality. Our experts have a proven track record.’
Our NHS Pension Management Service is headed up by Tina Milligan ACCA. Tina is our NHS Pensions Manager and completes the complex calculations required for clients' NHS pension reports. Supported by a team of NHS Pension Technicians she also produces the complex forecasts as well as the NHS pension reports our clients receive. Her qualifications in maths and experience in both accounting and the healthcare sector is rare. Information produced by our team enables our clients to gain clarity on their NHS pension position and those who require further NHS pension advice can take our reports to a regulated adviser with peace of mind that any further 'regulated' advice will be based on an accurate starting position.
Why choose BW Medical for NHS pension advice?
When it comes to your NHS pension, there are no easy answers but we do know accurate financial forecasting is key to informed decision making! Our dedicated NHS Pension Management Service in relation to the NHS Pension Scheme rules on Annual Allowances and Lifetime Allowances are subject to separate individual terms of engagement. This service is open to any qualifying healthcare professional and the level of expertise and service you require will be dependent on your specific circumstances. Having an independent financial advisor for NHS pensions will allow you to make informed decisions on your income and your future. Don’t sleepwalk into oblivion!
Benchmark our service against what your current financial adviser is offering and discover a superior service which could save you significant tax liabilities.
Please note; due to the specialist technical nature of our NHS Pension Management Service, our expertise is in high demand. The sooner you talk to us the better so we can support your needs and assist you in making informed financial decisions. Call us today to discuss your options and how we can help you with regards to the NHS Pension Scheme. Be informed, contact our client services team for further details on 0191 653 1022.