your NHS pension - Navigation Wealth Management

RCGP Provider for Wealth Management Advice
Tel: 01924 229210
Email: [email protected]
Web: www.navigationwm.co.uk/rcgp
16 Navigation Court, Calder Park, Wakefield, West Yorkshire WF2 7BJ
Let us help you protect more
of your NHS pension
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You may have seen our reminder, in a recent RCGP newsletter, that if you’re a
GP getting closer to retirement it’s important for you to be aware of changes
to the pension Lifetime Allowance, and how these may affect you.
Up until 2013-14, the Government allowed every individual a Lifetime Allowance of
£1.5m in pension savings before Lifetime Allowance charges were applied. For
NHS Pension members, a charge of 25% was applied on any excess above the
£1.5m.
From 6 April 2014, however, the Allowance was lowered to £1.25 million. From
2016, the Lifetime Allowance was reduced to £1 million. If you are closer to
retirement, your pension may well have exceeded this level before that date.
We can help you check your situation and, if appropriate, apply for what’s known as
an ‘Individual Protection’, in this case IP2014. This would give you a personal
Lifetime Allowance of the sum your pension contained on 5 April 2014, up to the
maximum £1.5m.
You can read more about how we can help you here.
The window for applying for this protection has just opened, but will remain only
until 5 April 2017.
Don’t ignore it. It could mean removing as much as £250k from exposure to a 25%
Lifetime Allowance charge.
Meet us at the RCGP Annual Conference in Harrogate
While we’re always pleased to answer questions and discuss financial planning by
telephone and email, meeting people face to face is almost important in our
profession as in yours.
As the official RGCP Provider for Wealth Management advice, we’ll be present at
the RCGP Annual Conference, at the Conference Centre in Harrogate, between 6th
and 8th October 2016.
We’re on stand 91P. Do come and say hello. We’d be delighted to meet you, offer
any guidance we can and, if you’d like, make arrangements to speak more fully
after the Conference.
Pensions need regular checkups, too.
We’ve long been advocates of GPs having reviews carried out on their NHS
Pension, so we were pleased to discover recently that asking how to get hold of
Pension statements is one of the questions most frequently asked on the NHS
Pensions website.
At whatever stage you are in your career, it’s prudent to do this. We have a great
deal of experience in carrying out these reviews at Navigation Wealth
Management, and we’d be pleased to help.
We start by requesting a Pension statement on your behalf from the NHS. We then
summarise the benefits (pension; lump sum entitlement; spouses pension etc) as
well as the contribution history.
We calculate the capital value of the pension against the lifetime allowance, review
the annual growth against Annual Allowance limits and forecast your pension
benefits at the point of retirement, along with illustrating the impact of early
retirement.
Lastly, we highlight any risk factors to the accumulated pension benefits up to the
point of your retirement.
Do get in touch if you’d like us to look at this for you
Can our specialist Mortgage Consultant help you?
Whether you are buying a first home, moving, looking for buy to let advice or simply
hoping to remortgage to gain a more competitive rate, expert advice can help you
ensure an untroubled application and avoid overlooking advantageous opportunities,
as well as helping you secure a competitive rate.
Our Mortgage Consultant, Chris Law, employed directly by the practice, has
specialised in mortgage finance for almost 15 years. Prior to joining St. James’s
Place in 2008, Chris worked with estate agents William H Brown, as well as with
Yorkshire Bank.
If you’d like Chris’s advice on anything at all to do with mortgage finance, do get in
touch.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Click here to get in touch with Chris
Break up your next event with a little financial
advice.
If you are programming an RGCP event at local or regional level, how about helping
your Members by including an interesting talk on financial advice or planning. We can
all be slow to take the initiative on financial matters ourselves, and hearing a speaker
at this kind of event can often provide the impetus needed to deal with these
important issues.
Our Practice Principal, Darren Wood, speaks knowledgeably
and engagingly on:
• NHS Pension Planning and the new adjusted lifetime and annual allowance limits
• Estate Planning and Inheritance Tax
• Effective Protection Planning for both Personal and Business needs
Get in touch with us and we’ll be pleased to discuss a suitable subject, and to check
Darren’s availability for your proposed date.
The levels and bases of taxation and reliefs from taxation can change at any time and
are generally dependent on individual circumstances.
Click here to get in touch with Darren
RCGP introduce to St. James’s Place Wealth Management plc, who are
authorised and regulated by the Financial Conduct Authority.
Partner Practice of St. James's Place Wealth Management
The Partner Practice represents only St. James's Place Wealth Management plc (which is authorised
and regulated by the Financial Conduct Authority) for the purpose of advising solely on the Group's
wealth management products and services, more details of which are set out on the Group's
website at www.sjp.co.uk/products. The `St. James's Place Partnership' and the titles `Partner' and
`Partner Practice' are marketing terms used to describe St. James's Place representatives.