What Will My Spouse Receive From My NHS Pension If I Die?

Q. I’m a Principal dentist aged 54 and have recently reduced my NHS Pensionable income from £100,000 pa to £30,000. A colleague has told me that the lump sum paid on death is 2 x pensionable income, so I’m a little concerned that my wife would only receive £60,000, instead of £200,000. Can you provide me with any guidance? […]

NHS Pension Scheme 2015, When Will I Join?

Q. I’m well aware that the new 2015 NHS Pension Scheme will be introduced in April 2015. I’ve heard that the actual joining date will depend upon your age next April, when I’ll be 52 years 7 months. How can I find out when I’ll be joining? A. You’re correct with what you say. NHS […]

NHS Pension Scheme – When Can I Take My Pension?

Q. As a Consultant doctor in my early 40s, with 20 years NHS Pension membership, the 2015 changes to the NHS pension scheme is of particular concern to me. Retiring, or reducing work at age 60 has always been the plan, and I cannot find any clear guidance here. For example will I be able to take my […]

NHS Pension – Annual Allowance & Lifetime Allowance, Your Action Plan

You’ve no doubt heard that the pensions Annual Allowance (AA) and Lifetime Allowance (LTA)limits are due to reduce in April 2014, in turn causing a headache or two for some NHS Pension Scheme members as well as those who have accrued pension funds elsewhere. Annual Allowance Firstly, it’s worth pointing out that you are able […]

NHS Pension Scheme – Should You Become A Deferred Member To Avoid Tax Charges? – Hot Topics Q & A

Q. A question that a lot of GPs in my age group(50) are asking is “Is it still worth staying in the NHS Superannuation Scheme?” Whilst it has been described as the best thing since sliced bread, and is probably still a good idea for younger GPs, it is looking less and less attractive for older GPs. Several […]

NHS Pension Contribution Rates 2013/14 – What Are They? – Hot Topics Q & A

Q. Can you please clarify what I will be asked to pay into the NHS Pension Scheme from April 2013 as I am aware that the contribution percentages are increasing for members? A. Yes, you’re correct. You will need to pay more to be a member of the scheme. Whilst not great news, it’s still an excellent […]

NHS Pension Commutation – A Better Option Than Pension Income? – Hot Topics Q & A

Q. I don’t know if this is a question for the newsletter but here it is! As a 40% taxpayer and member of the 1995 NHS Pension Scheme, I have been advised to fully commute my NHS pension and use any lump sum I receive to generate income when I retire. Does this make financial sense as […]

NHS Pension Annual Allowance – Figures For Carry Forward? – Hot Topics Q & A

Q. I am concerned that I may have exceeeded the pensions annual allowance of £50,000 in the tax year 2011/12. I am aware of the ‘carry forward’ facility that will enable me to use up unused allowance (assuming there is any) in the previous 3 years. How can I obtain the necessary figures for the previous years […]

NHS Pension – Can I Allocate Part Of My Pension To My Spouse?

Q. I have heard from a colleague that it’s possible to allocate part of my pension to my spouse when I retire. As she is a basic rate taxpayer will this mean we can pay a lower rate of tax on the money I allocate to her? A. It is possible to allocate up to 1/3 of […]

NHS Pension Changes 2015 – Proposed Final Agreement

On March 9th the Department of Health released a Proposed Final Agreement document for the NHS Pension Scheme following many months of debate. Basically, it’s the governments final offer on what the NHS pension scheme will look like after 1 April 2015. The headline contents haven’t changed at all since the previous iteration of December […]