Medical accountants can help clear pension confusion

Published on February 24, 2012 by Crawfords Accounting

Professional medical accountants can help you to make sense of the newly published guidance for NHS pensions.

The Department of Health has created an online calculator to work out how your pension might be affected by the government’s latest pension offer for NHS staff.

However, if you have complicated finances – due to income earned from rental properties, or private pension contributions, for example – our medical accountants can help you to determine exactly what your post-retirement income will be under the current proposals.

One factor impacting upon this is how far you are from retirement – and if you are within ten years of claiming your pension, you should see no changes under the new scheme.

Up to 13 years and 5 months, the situation is more complex, as your pension is partially protected – so your finances will be subject to the current conditions for longer than most people, but will ultimately transition to the revised pension scheme.

Everybody else should transition to the revised scheme when it is introduced, although this should not be until April 2015 – meaning now may be the time to speak to our medical accountants about how you can safeguard other areas of your income and put yourself on the best course towards a comfortable retirement.

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