Do I have to come to London to meet you?
Legally, Cavendish Medical must meet you at least once before we can help you plan your finances. This is often an ideal opportunity to gain an understanding of your wealth objectives and how we can help you make the most of your future.
How many meetings will it take?
Ensuring your finances are working hard for your future is a complex issue but it need not be too time-consuming on your part. It is largely dependent on how complicated your particular situation but the Cavendish team will be fully available via email or telephone should you need them.
Should I opt out of my NHS pension?
Normally we would not recommend this but individual circumstances vary and on very rare occasions it may prove beneficial to consider it. Cavendish specialises in creating bespoke solutions for individual clients and would need to look at your retirement planning as a whole before making any recommendations
How do I know which pension is the right one for me?
Cavendish will conduct a thorough analysis of your personal financial position before recommending a retirement package which meets your exact needs. Cavendish will ensure you fully understand the advice you have been given and how it relates to your own wishes for the future.
Are you fee based?
Cavendish provides a fee-based financial planning service and as such offers complete transparency in the cost of the financial advice given. Commission-based advisers are only able to offer their clients products or investments that pay commission where as Cavendish clients are presented with services that truly are best for them, not their adviser.
When can I retire?
This will be dependent on your individual situation, your retirement goals and your personal objectives for the future.
What is step down?
‘Step down’ is a voluntary pension protection. Part of the NHS pension scheme allowing members wishing to 'step down' to a less demanding job (as long as there is a pay reduction of at least 10%) in the run up to retirement. This allows them to protect their previous higher rate of pay for the purposes of their pension when they retire.
Effectively, the pension applicable before the step down will be frozen at the higher rate of pay. A second pension, based on the stepped down pay will be started. On retirement, both pensions will be added together.
Cavendish can advise if this scheme is suitable for your individual situation and how it might work within your overall retirement plan.
What is fixed protection?
There is currently a ‘lifetime allowance’ which limits the amount an individual can accumulate tax-free within his or her pension fund. The Government has announced this lifetime allowance will be reduced from £1.8million to £1.5million with effect from 6 April 2012. The penalty tax rate above this allowance is 55 per cent.
However, there is a new scheme called ‘fixed protection’ which will give individuals a personalised lifetime allowance of £1.8million, provided certain criteria are met. Those with pension savings above £1.5million or who believe their savings will rise to above this level should consider applying for the new scheme.
Cavendish can help you complete the HMRC application form which must be returned by 5 April 2011.
Is it possible to retire, claim my NHS pension and continue to work in the NHS?
As long as you are of pensionable age you can take your NHS pension and continue to work in the NHS. It is not uncommon for doctors to retire at age 60 on the old scheme and return to their previous job.
Cavendish Medical can advise on the different types of flexible retirement packages which may suit your personal situation.
Will you review my financial plan?
Cavendish will ensure your plan is flexible enough to withstand changes to both government legislation and to your own personal circumstances. Cavendish will continually review your situation to make certain the agreed plan still meets your retirement needs, giving you total peace of mind.