NHS Pension Management Service
We are facing a whole new level of complexity surrounding the NHS Pension Scheme. The new rules on Annual Allowance (AA) and Lifetime Allowances (LTA) limits mean that healthcare professionals pensions are at risk of extremely penal tax charges. The reduction in these allowances will potentially affect all GP, Consultants and Hospital Doctors and the tolerances between the right and wrong decisions which you are faced with have now grown tighter than you will be aware of. The potential financial losses which would result from making the wrong decisions cannot be emphasised enough and this is not just something for those closer to retirement age to be alarmed about, we have cases effecting healthcare professionals in their 40's!
Using our unique, bespoke financial pension model, our experts are able to provide advance warning to healthcare professionals regarding any potential breaches or problems before they occur. Timing is crucial so you have the ability to plan accordingly if you are to mitigate any significant tax liabilities.
The NHS Pension Authority is incapable of providing you with accurate, timely information but we can. It may be that for some individuals, remaining members of the NHS Pension Scheme may not be value for money. Some individuals may end up in a position where they cannot get the pension scheme to pay the tax charges and they could end up with significant tax bills.
In a nutshell, our NHS Pension Management Service will answer the following questions;
- Do you have a problem with the Annual Allowance / Lifetime Allowance limits?
- What the tax charge might be
- Whether you can get the scheme to pay or whether you will have to pay personally.
We feel that individuals would rather know in advance so they can make informed decisions and take action, rather than discover problems after the event. Also where necessary we will advise you to apply for protection against the reduction in Lifetime Allowance to £1m from 6 April 2016.
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.
The additional work relates to the extremely complex calculations now involved in establishing each individual case. Similarly, the decision on which "protections" are applicable, for each individual's Lifetime Allowance, can only be ascertained by undertaking these complex calculations.
Our specialist medical accountants and authorised and regulated independent financial advisers work together to deliver this service. Making our service proposition highly specialist and focused on your needs. Benchmark our service against what your financial adviser is offering and discover a superior service which could save you significant tax liabilities.