Amanda Cowie, director of RL Wealth discusses how we can help medical professionals plan for their own financial future
We Know / that medical professionals are so busy looking after others that it’s difficult for them to prioritise their own stuff.
Over the past five years there has been so many changes to the NHS Pension and pension legislation in general that it has become near impossible to keep up with how it might affect you.
What about the 1995, 2008 and 2015 Schemes? Do I have any transitional protection? What am I going to get? When can I actually afford to retire? What sort of tax am I going to pay on my pension potentially both now and in the future? What about the Lifetime and Annual Allowance?
So many questions!
As a starting point it would be a good idea to access your own Total Reward Statement: https://www.totalrewardstatements.nhs.uk/ to get a feel for what you have accrued to date, NHS Pensions have refreshed these for the 2016/17 tax year (although if you are a practitioner the information may not be as up to date) and these were available from late October 2017.
You need a Government Gateway to access this. This should show you which scheme/s you are in and what level of “pot” you have. This is just a starting point though, we think it’s equally important to be realistic about what you need in retirement.
Typically we all “under-egg” our expenditure and wonder why there is nothing left at the end of the month! What if you could sit down with a person who understands your situation and they could help you map out your financial future so you could actually see it? It would be much easier to make decisions, like when to retire or even how to phase down your working life, if you were confident that you could do all the things in retirement that you wanted to do and not run out of money.
Because this is important to us, we are fairly sure it’s important for you. Talk to us if you would like us to help you plan. E: email@example.com tel: 0191 281 8191.