NHS Pensions

Those in the medical profession have complex financial situations which need specialist advice. Circle Financial Services can advise on the NHS Pension Schemes, NHS sick pay entitlements, death in service benefits, ill health retirement and associated wealth and financial planning.

Our decades of accumulated in-depth knowledge and expertise has benefited hundreds of doctors and senior executives across the NHS.

Making Pensions Make Sense©2024

The Problem

Public Sector pensions are now a mix of old, closed final salary schemes, within which there are multiple sections all with their own rules, ways of building up a pension, retirement ages, dates when you can access benefits and a minefield of legislative changes since (at least) 2006.  Then you will have your current, open pension you are contributing to; for example the NHS 2015 Scheme, so you have to understand a new set of rules, intricacies, dos and don’ts.

Add to this, decisions you may have made to opt-out, top it up, or draw the benefits early. All of these when added to your personal circumstances have you caught in a web of complexities it is hard to escape from and need expertise to help you.

The Solution

Here we will shine a light on all the above with a series of straightforward and understandable articles, blogs, vlogs and videos that will explain, educate and provide you with practical information to help you.

The Outcome

Whether it be changes in pension legislation, tax rules, or choices you have made, you will have a trusted source of accurate information and a place to go to for reliable specialist advice from experts who will guide you to the goals you need to set.


Does This Sound Like You?

“I used to understand my pension, I joined the NHS paid my contributions and then thought I would just get to a certain age and claim it. 

Now I have to deal with:

  • Two Schemes – which am I in, why, why was I moved?
  • What does the McCloud Judgement mean for me?  What are the choices and more importantly which one will be best for me?
  • Flexible Retirement – How do I make this work for me?  When can I start to work less and live more and use my pension(s) to help?
  • Pension Tax – Does it still exist, does it affect me?  What about all the changes, am I ok?
  • Scheme Pays will cost me some of my pension!  What does that mean?
  • The Lifetime Allowance?  Is there one or not? There’s not one for the pension but is for the lump sum?

Will someone please tell me!”

If you want someone to answer these questions as well as:

  • how to navigate through all of this and have a plan to have the pension(s) you want at the time(s) you need it/them
  • have all the calculations done for you
  • help you claim one, or all of your pensions
  • correct errors with NHSBSA
  • help you fill in the AW8/AW8P/Flexible Retirement Supplementary forms

Overlaid with clear, concise ADVICE so you reach your objectives.

What We Will Do For You

NHS Pension Report and Planning

Our service provides planning that will project what your NHS pension(s) will be at targeted ages. 

Explained in simple, straightforward language, with examples and calculations done for you.

The projections we do can estimate:

  • Early Retirement
  • Retire & Return
  • When to take the 1995 Section and 2015 Scheme
  • Previous Tax (Annual Allowance) impacts
  • The McCloud Judgement with clear advice as to which is the best option for you, including any resulting reassessments needed for the Annual Allowance
  • The Lump Sum Allowance (LSA)
  • Scenario Planning – forecasting various outcomes, potential income projections at different points and looking at the options of;
    • Flexible Retirement
    • Tax planning
    • Exiting working life

Then, most importantly, we provide clear, concise advice as to the best course of action for your situation.


Building a Passive Income for Life

Pensions are not only about retirement.  They are a tool to generate a passive income when you want to;

  • Have a permanent long weekend
  • Split your time between work, other activities and family, but maintaining your desired revenue per month
  • Graduate into full retirement, or just increase your income

But pensions are only one tool to achieve this.  Tax efficient investments and savings can create various pots of money that can use all the tax allowances (Income, Capital Gains, ISA), avoid a tax trap and use tax deferral solutions to be able to have sources of revenue and capital when needed.

You may have cash locked in a business/business account and need to plan to extricate it in the most tax efficient manner. 

  • You have a private practice
  • You provide a report service
  • With your partner have various income sources into the business.

When will be the right time to create an exit strategy for that wealth?

For Employers

Have a look at our unique Pension Support Service, this is specifically designed to assist HR, Workforce and Finance departments:

  • Retain Staff
  • Save money
  • Educate and help your staff
  • Handling your pension queries and solve problems
  • Advise on Redundancy, TUPE, MARS
  • Help with Ill Health Pension issues

Making Pensions Make Sense©2024

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