NHS Pension

Our NHS Pension Management services are highly specialist and unique to BW Medical Accountants. We act for Consultants, Hospital Doctors, NHS Foundation Trusts, GPs, Locums, Dentists & senior Healthcare Staff / Officers who are members of the NHS Pension Scheme.

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. Establishing if your NHS Pension record is correct, calculating your Annual Allowance pension tax position based on actual earnings and providing two years forecast ensures our clients are one step ahead, thus affording time to plan accordingly and seek further regulated financial planning advice if required. 

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 to establish your current position.

What can BW Medical do to help?

BW Medical Accountants initially flagged the catalogue of errors being made by the NHS Business Services Authority (NHSBSA) when issuing pension statements, several years ago. Information provided by NHSBSA 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 can then seek further regulated advice regarding all the 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 management 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 management service. They complete a review of your career history, recorded earnings and with the required evidence, reconcile your pension record to ensure it reflects you career history.  Using accurate figures at the outset is essential to complete the the complex calculations to establish your pension tax position and produce your comprehensive pension report. This includes an element of forecasting based on the next two financial years so you can plan ahead!  Should you be likely to breach tax limits or require regulated 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 Atomos earlier in 2019. Kevin is a qualified Financial Adviser and was a Director at Atomos until he stepped away from delivering 1;1 regulated financial planning advice in 2020.  Kevin remains a Founding Director of BW Medical Accountants.  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 and Julie Mudditt.  Tina and Julie are our NHS Pensions Managers and complete the complex calculations required for clients' NHS pension reports. Supported by a team of NHS Pension Technicians, our team also produces the complex forecasts as well as the NHS pension reports our clients receive. 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 management services?

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 (still being monitored as a change of Government could see this brought back in) 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. 

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.