Dentists - Take control of your NHS pension

Expert calculations for confident retirement planning

For dentists, retirement planning is a vital part of securing the future you’ve worked so hard to achieve. Yet, with the NHS Pension Scheme’s intricate rules and the ever-changing landscape of pension legislation, understanding your benefits and liabilities can feel like navigating a maze. Whether it’s the complexities of the McCloud Remedy, the nuances of the tapered annual allowance, or the challenge of projecting future retirement income, getting the numbers right is no small task.

Making informed decisions about your pension relies on having accurate, detailed calculations tailored to your specific circumstances. Without them, you risk unexpected tax liabilities, missed opportunities to optimise your benefits, or uncertainty about your retirement plans. This is why we’ve developed the Chase de Vere NHS Pension Report Service — a suite of tailored reports designed to provide clarity and control over your pension decisions.

A service designed for dentists

Our Pension Report service, delivered by expert members of our Technical Advice Services team, helps to simplify the complexities of the NHS Pension Scheme. With our help, you can confidently understand your pension’s value, assess your tax position, and project your retirement benefits. Our service includes three core reports, each tailored to the specific needs of NHS Pension Scheme members:

1. Remedy Period Report

The Remedy Period Report is designed for NHS Pension Scheme members affected by the McCloud Remedy who need clear and accurate information to adjust their tax position using the HMRC digital service.

During the seven-year remedy period (1 April 2015 to 31 March 2022), your pension benefits have been rolled back to the legacy scheme (e.g., 1995 or 2008 schemes), which may impact the tax you paid on pension growth. This report helps you understand those changes and ensures you have the correct numbers to resolve any tax discrepancies.

The Remedy Period Report includes:

A comparison of annual allowance tax paid against what you should have paid for the 7-year remedy period.
An assessment of your annual allowance for the 2022/23 tax year.
An assessment of your pension growth and how the rollback affects your tax position.
All the figures you need to complete the HMRC digital service and correct any overpayments or underpayments of tax.

This report will help to ensure your tax records are accurate for the Remedy period and for the 2022/23 tax year.

Cost: £750 + VAT

2. Deferred Choice Report

The Deferred Choice Report is designed for NHS Pension Scheme members affected by the McCloud Remedy who are either already in retirement or planning to take their benefits within the next 6-12 months.

As part of the McCloud Remedy, you have the option to decide whether benefits accrued during the seven-year remedy period (1 April 2015 to 31 March 2022) should be calculated under the legacy scheme (e.g., 1995 or 2008 schemes) or the reformed scheme (2015 scheme). Choosing the right option can significantly impact the value of your pension benefits, making an accurate comparison essential.

The Deferred Choice Report includes:

A comparison of retirement benefits based on the legacy and reformed schemes for the remedy period, helping you identify which option is more beneficial for your circumstances.
An analysis of your annual allowance and any related tax implications excluding the remedy period.
A forecast of your pension benefits at your normal retirement age or a selected retirement age, giving you a clear picture of your future income.

This report provides the detailed information you need to make an informed decision about which scheme to choose for the remedy period, ensuring you optimise your retirement benefits.

Cost: £750 + VAT

3. Pension Analysis Report

The Pension Analysis Report is your key to understanding how a particular scenario could impact your NHS pension benefits. Whether you’re considering retiring earlier or later than planned, transitioning to part-time work, or exploring other changes, this report provides the detailed insights you need to make informed decisions.

Here’s what the report includes:

Scenario analysis: Evaluate how a specific change, such as early or late retirement or part-time working, would affect your pension benefits.
Tax implications: Understand potential future tax liabilities and how they could impact your retirement planning.
Scheme Pays impact: See how the Scheme Pays facility to settle pension tax liabilities will influence your final pension benefits.
Scheme comparison: Forecast your future retirement benefits under both the legacy scheme and the reformed scheme, helping you decide which is the best fit for your circumstances.

The Pension Analysis Report gives you the insights needed to plan your retirement effectively, optimise your pension benefits, and manage tax liabilities. Cost: £1,000 + VAT

Tailor your pension advice report with additional scenarios

For those wanting an even deeper dive into their options, additional scenarios can be added to the Pension Analysis Report at an extra cost. These custom analyses allow you to explore even more possibilities and tailor planning to your unique needs.

Here is a summary of some of the examples of the additional scenarios you can include in your report:

1. Deferral vs continued membership

Understand the cost and benefits of deferring your NHS Pension Scheme membership versus continuing as an active member.

2. Opting out for a portion of the year

Explore the financial implications of temporarily opting out of the scheme.

3. Impact of pay changes or working part-time

Analyse how changes in pay—whether due to a reduction in hours or moving to part-time work—will affect your pension benefits.

4. Purchasing additional pension

Evaluate the cost and benefits of purchasing additional pension.

5. Scheme pays and its impact on your pension

Review how using the Scheme Pays facility to settle tax charges will affect your benefits.

6. Reinstating service

Compare the costs and benefits of reinstating service within the scheme.

7. Flexible retirement options

Examine flexible retirement choices such as partial retirement and retire and return, and their impact on your pension.

8. Adjusting income and the tapered annual allowance

See how increasing or decreasing your income will affect your tapered annual allowance.

9. Receiving or ceasing additional payments, such as discretionary points, additional responsibility payments, national clinical impact awards, on call or waiting list initiatives.

10. Early retirement reduction buy-out (ERRBO) Understand the cost and benefits of the ERRBO to retire earlier without a reduction in benefits.

Pricing for additional scenarios

Add-on cost per scenario starts from £300 + VAT

We reserve the right to charge an additional fee for more complex scenarios. This flexible pricing ensures you can tailor your Pension Advice Report to suit your needs while keeping costs manageable.

Expert precision you can rely on

Our expert team ensures that every input is thoroughly checked, guaranteeing accurate outputs tailored to your circumstances. Whether you’re navigating the McCloud Remedy, planning your retirement, or managing tax liabilities, our service gives you the clarity and confidence you need to take control of your financial future.

Why choose Chase de Vere Dental?

At Chase de Vere Dental, we understand the unique challenges that dentists face when it comes to pension planning. Our NHS Pension Report Service is designed to simplify these complexities, providing the precise information you need to make confident, informed decisions.

Take the next step

Don’t let the complexity of the NHS Pension Scheme hold you back from making informed decisions about your retirement. With our tailored reports and the option to customise your Pension Report with additional scenarios, you’ll have the numbers you need to plan effectively and confidently.
Contact Chase de Vere Dental today to learn more about our NHS Pension Report Service and how we can help you take control of your pension planning. Let us handle the complexities, so you can focus on what matters most: your patients and your future.

0345 609 2008

client.services@chasedevere.co.uk

Chase de Vere Independent Financial Advisers Limited (registered in England Number 2090838) is authorised and regulated by the Financial Conduct Authority. A member of the Swiss Life Group. Registered office: 60 New Broad Street, London, EC2M 1JJ.