Helping you make informed pension choices
As you look ahead to retirement, do you know if you’re on track to meet your goals? Do you know what your NHS pension will be worth when you come to take it?
The Wesleyan Pension Assessment Report can answer those questions, giving you the clarity you need to make the right pension choices for you and your family.
There are two reports you can choose from. A basic free version, and a full version (£960+VAT). The full version provides the clearest possible picture of your retirement plan.
What does the report show?
The in-depth report is designed to give you a projection of your NHS pension benefits, and assess your position in relation to the Annual Allowance.
See how you might be affected financially by using Scheme Pays, or what you could be entitled to if you need to retire due to ill health. Find out too how your family might be supported financially in the event of your death – not the easiest thing to think about, but vital to provide peace of mind for your family’s future.
Choose the full report and you can also find out:
- How any personal pensions you hold could affect your post-work funds and lifestyle
- How inflation may impact your pension funds
- How future market conditions could affect your finances
- If and how you might be affected by the McCloud judgement (age discrimination ruling)
Even if you’ve opted out of the NHS Pension Scheme, the report can project your current benefits to retirement. It can also show you the difference if you were to opt back in.
Tax treatment depends on the individual circumstances of each client and may be subject to change in the future.
Which report is right for you?
The table below shows exactly what you can expect from the free and full versions of the NHS pension assessment tool. Speak to your adviser if you’re not sure which is right for you.
|Basic report||Full report|
|Officer, practitioner or combination membership|
|Maximum tax-free lump sum|
|Officer and practitioner added years|
|Future salary changes|
|Historical defer and re-joined the scheme|
|Historical defer but planning to re-join in the future|
|Future plans to defer and then re-join|
|Annual allowance (current membership)|
|Annual allowance (legacy membership)|
|Annual allowance (reformed membership)|
|McCloud remedy period projections for legacy and reformed schemes*|
|Annual allowance and income record|
|Cost of Scheme Pays if used in current year|
Note that only calculations based on 1995 and 2015 scheme membership are currently available.
* Basic report shows projections for legacy schemes only.
Helping you make sense of the numbers…
Once we’ve created your report, your Specialist Financial Adviser from Wesleyan Financial Services will help you make sense of the figures.
They’ll identify whether or not your current pension pot(s) will be sufficient to help you meet your retirement goals - and advise on any steps or strategies that could help strengthen your pension projection.
Rest assured our advisers are specialists in the medical and dental fields, with expert knowledge of the NHS Pension Scheme.
Frequently asked questions
Will the NHS assessment report tell me if I can retire early?
Early retirement is a life goal for many of the medics and dentists that we support. This can only be achieved if you have sufficient assets, cash, investments and pensions to lead the lifestyle that you’re hoping for in retirement.
Working with the findings of your report, your adviser can help you plan ahead and make sure that early retirement is a viable option for you.
We can also use cashflow modelling to visualise your retirement, based on projected income and expenditure.
I’m currently opted out of the NHS Pension. What’s the benefit of the report for me?
The report can project your current benefits to retirement, and will also show you the difference if you were to opt back in. Depending on your reasons for opting out, the report will help you to assess the additional savings or pension planning you may need to fund your retirement wants and needs.
I want to opt out of the NHS Pension. Will the report help me decide what’s best?
Before making a decision, it’s crucial to look closely at both options and weigh up all the possible tax and benefit implications.
The report can project your pension income for both scenarios, so you can see what might happen if you opt to stay in, as well as if you choose to opt out.
Will the report show me the impact of opting out part year?
Yes. It’s important to consider all aspects of opting out vs. opting in before making any decisions around this, including the loss of member benefits and the taxation impact.
I’m only in my 30s. Why should I be thinking about my retirement right now?
No matter when you wish to retire, it’s important to keep an eye on how your benefits are building and to understand all your options. This will be particularly important if you want to retire early.
Your early thirties are a great time to think ahead to the level of income that you and your family might need in retirement, and to explore the options available to build your retirement pot.