At what age do you aim to retire from the NHS? Do you want to retire fully or partially? What retirement lifestyle do you hope for? Whether retirement is just around the corner or a distant thought, your answers to these questions will determine in part the choices you should make today.
In spite of its complexities, the NHS pension scheme offers great flexibility and, for most doctors, forms the main part of your retirement income. The scheme gives you the following options to make your transition from working life to retirement:
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.
Your retirement choices won’t stop at the NHS Pension; as savings, investments, property and personal pensions all tie into your retirement planning. Further considerations include:
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 Medical.
With millions affected, public sector workers…
