Lifting the fog on the NHS pension
Practice Plan is hosting a webinar on NHS pensions, how to work out which scheme you’re in and what happens if you move to private dentistry.
The finer details of the NHS pension are a little bamboozling, to many. With different schemes for different time periods and different sections of schemes within those periods, it’s therefore not hard to see why.
In a BDA survey from 2019 about NHS pension scheme flexibilities, one of the main themes was a lack of understanding of the NHS Pension Scheme and also pension taxation amongst members and professional advisers.
To help provide some understanding and clarity around the NHS pension and its different schemes, Practice Plan is holding a free webinar with a financial expert from its parent company Wesleyan.
The webinar: ‘Lifting the fog on the NHS pension’ is on Thursday 1 October at 1:15pm. Book your place here.
Among the topics discussed is an understanding about how to know which scheme you are actually in.
A lot of this comes down to when you join the scheme. If you joined after 1 April 2015, you are in the ‘new’ scheme. Before that and you will have all, or some, of your benefits in the ‘old’ scheme.
NHS pension schemes
If you are in the old scheme, there are two different sections within this. This again depends on when you joined – either before or after 2008.
Consequently, it is easy to see how this is a complex issue for a financial layman to fully understand.
In the webinar, Neil Richardson, a senior financial consultant at Wesleyan, will talk to Les Jones, from Practice Plan. They will discuss the details of knowing which pension scheme you are in, the differences between them and benefits of each. They will also cover what happens to your NHS pension if you move to private dentistry. And how to access your NHS pension statement.
With the events of recent months, many may well look for more independence from the NHS. While more experienced dentists might consider retiring earlier than planned.
In both cases, greater insight into the details of your NHS pension can help you to make a well-informed decision. This will make your transition as smooth as possible.
Book your free place on the ‘Lifting the fog on the NHS pension’ webinar here.