DRAWING THE BENEFITS OF YOUR NHS PENSION

In spite of its complexities, the NHS Pension Scheme offers great flexibility and, for many dentists, forms a key part of your retirement income. The scheme gives you the following options to make your transition from working life to retirement:

• Take your NHS pension and continue to work, perhaps using the extra income to help you to reduce your hours or step down into a less demanding role.
• Retire late and continue to build up your pension benefits.
• Retire early, before your normal retirement age.

The finer details of the options available to you vary depending on if you are part of the 1995, 2008 or 2015 scheme, and it’s important to take time – and expert advice – when considering your decision as this is generally irreversible.

BEYOND THE NHS PENSION

Your retirement choices won’t stop at the NHS Pension; as savings, investments, personal pensions and property, including (where relevant) your dental practice, all tie into your retirement planning. Further considerations include:

• Should you buy an annuity, and if so, which type?
• Is flexi-access drawdown from your private pension appropriate?
• What is the best investment strategy for you?
• Should you use the equity stored in your property?

This is a lifetime mortgage (home reversion scheme). To understand the features and risks, ask for a personalised illustration.

There are benefits and drawbacks to each of these choices, so make sure your decisions are well-informed with specialist advice from Chase de Vere Dental.