How To Increase Your NHS Pension Benefits
There are several ways still available to doctors to increase their NHS Pension benefits. Please do get in touch for a review of your individual circumstances and a recommendation on what might be the best course of action for your NHS Pension Scheme.
This is a flexible way of increasing your NHS Pension. You can choose to buy a set amount of annual pension, starting from £250 and going up to £5,000 if you are a member of the 1995/2008 Scheme or up to £6,500 if you are a member of the 2015 Scheme. Please get in touch with us if you are interested and we can guide you on the potential cost and benefits of this arrangement.
Early Retirement Reduction Buy-Out (ERRBO)
This scheme allows you to take your 2015 NHS Pension Scheme benefits in full before your Normal Pension Age but no earlier than age 65. Contact us so we can progress with an Expression of Interest form to get a quote for this arrangement.
NHS Money Purchase Additional Voluntary Contribution Scheme (MPAVC)
Doctors are still able to build up a separate retirement fund to supplement their main Scheme benefits either at retirement or later. Doctors can also make use of an NHS Stakeholder Pension as a cheaper option to top up the main NHS Pension Scheme benefits.
A word of warning about the Annual Allowance. If you do purchase Additional Pension or pay into a seperate pension fund the growth in benefits will count towards your Annual Allowance and therefore a check must be made that any additional contributions will not cause an Annual Allowance charge. Contributions towards the Early Retirement Reduction Buy-Out plan do not count towards the Annual Allowance.
If you would like a full review of your NHS Pension options then please get in touch with Richard Higgs on 0117 966 5699 or email him on email@example.com or contact us through the website www.wealthwestmedical.co.uk.