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Are you a doctor, consultant, nurse, or another member of the NHS pension scheme in need of expert advice regarding your NHS pension benefits and retirement planning?
Perhaps, you are paying tax charges each year without fully understanding why?
What does the NHS Pension McCloud Remedy judgment mean and how will it affect you?
Are you aware that you might be able to partially drawdown funds from your pension and continue working?
Are you in receipt or will shortly receive your pension lump sum and want to discuss the optimum amount to take and find a suitable home for your funds?
Understanding who you are and what is important to you. This is the foundation of our advice and underpins everything else. Our service is completely bespoke and personal to your unique situation – our NHS Pension Advisers are here to work for YOU.
Is it to your advantage to continue to pay tax charges each year or might there be an alternative strategy that works better for you?
The McCloud Remedy, affecting NHS workers, addresses pension discrepancies from April 2015 to March 2022. It alters pension calculations and may trigger retroactive tax concerns for high earners. It also offers new retirement options. We assist with pension planning and tax matters related to this remedy.
How does changing your job, salary and working hours impact your pension?
We are here to remove the jargon and provide NHS Pension Advice as to what is the right path for you so you can take the next step feeling confident. For many, not having enough knowledge or breadth of facts creates stress and anxiety and our job is to empower you to make a fully informed decision that benefits best both you and your family.
It will provide you with peace of mind and clarity as the decision facing many in the NHS is often complex, and unique and could have a huge bearing on your retirement.
1. A No-obligation Initial Complimentary Online Meeting
This is a very informal meeting and an opportunity for you to meet us and ask any initial questions that you may have.
2. Gathering The Data
We gather relevant data through structured discussions, ensuring a thorough understanding of your needs and preferences.
3. Analysing The Data
Our NHS Pension Advisers perform a comprehensive analysis of each path you can take and will take time to understand what it means for YOU.
4. An In-depth Full Discussion
A full discussion on the paths available to you and the pros and cons of each from a holistic and not just a financial perspective.
5. A Formal Report
We provide a formal document so that you are fully informed on the decisions you are making and have in your possession a crucial point of reference for the future.
Life gets easier when you’re not worrying about your financial future. Let us help you achieve your freedom today.
All of these quotes are taken from feedback our clients have left us via Vouchedfor, a vetted professional review site. You can find read the full reviews and many, many more here.
For professional advice on your NHS Pension, we at Butterfly Financial Planning offer various NHS Pension Services tailored to your needs. Our experienced financial advisers can help you understand your NHS Pension scheme, navigate pension tax complexities, and adapt to regulatory changes such as the McCloud Remedy. We also offer comprehensive financial planning support to ensure your pension aligns with your future financial goals.
The McCloud pension remedy refers to a Court of Appeal ruling aimed at rectifying age discrimination within pension schemes. This legislation removes the discriminatory effects from past pension activities, ensuring fairness for all members.
The McCloud Remedy impacts members who were affected by changes made to public sector pension schemes in 2015, including NHS employees. The ruling aims to ensure that individuals are not disadvantaged based on age and that pension benefits are fairly distributed among all members, regardless of when they joined the scheme or their age at retirement.
The McCloud Judgement will impact your NHS pension by rolling back the pension you accrued during the 2015 scheme for a specific period, typically 7 years, into your legacy pension scheme (either the 1995 or 2008 scheme). Upon retirement, you will have the option to choose between retaining this rollback arrangement or having the pension paid out as if it were in the 2015 scheme for those 7 years. This decision offers flexibility in how your pension benefits are calculated and distributed, potentially affecting the amount you receive upon retirement.
To receive a full NHS pension, you typically need to work for 45 years, which is the maximum period used to calculate pension benefits. Pension benefits are calculated based on the most advantageous 45 years of pensionable membership. Once you reach 45 years of pensionable membership and cease contributing, you are entitled to death benefits similar to those for active members, ensuring financial security for you and your loved ones.
Your NHS pension accrual can continue beyond age 60, allowing you to work in the NHS and accumulate pension benefits. However, there are limitations, you cannot accrue more than 45 calendar years of service, and pensionable service typically stops at age 75.
Mental health officers may face earlier restrictions due to faster accrual possibilities after 20 years of service in that capacity. Therefore, while there’s flexibility in continuing pension accrual beyond age 60, certain age and service restrictions apply, ensuring fair and sustainable pension arrangements.
Deciding to take your NHS pension early involves weighing the benefits against the drawbacks. While early retirement offers the flexibility to leave work sooner, it comes with financial implications. Your pension is reduced to account for the longer period it will be paid over, impacting the amount you receive each month.
Any lump sum entitlement as part of your benefits package will also be reduced. Therefore, it’s essential to carefully consider the trade-offs and consult with our financial advisers to make an informed decision based on your individual circumstances and financial goals.