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Actuaries and consultants


Pensions guidance for NHS professionals

Golding Smith & Partners are experts in providing advice to NHS doctors and other professional staff on their membership of the NHS Pension Scheme, and we work closely with one of the largest chartered financial planning firms in the United Kingdom.

We offer a wide range of services to NHS staff including:

Comprehensive review

A comprehensive review of your NHS Pension and any accompanying personal pension or AVC arrangements.  We can also include other defined benefit arrangements in the review, if applicable.

The report, typically, 20-30 pages long and tailored to your individual requirements, includes:

  • Detailed pension projections on a standard and maximum lump sum benefits basis
    • With and without any early retirement reduction
    • With and without NHS Scheme Pays
    • Allowing for an any Lifetime Allowance tax charge.
  • Detailed income and pensions savings tax projections
    • Threshold Income
    • Adjusted Income
    • Tapered Annual Allowance
    • Taxable Pension Savings
    • Forecast tax liabilities.
  • Commentary on the Annual Allowance and Lifetime Allowance.
  • Opting-out and early retirement choices.
  • Potential ways to reduce pension savings tax liabilities.
  • Any issues that need to be addressed
    • Backdated pay not allocated to the correct tax years for pensions savings tax purposes
    • Pensions savings tax liabilities from prior tax years.
  • Commentary on current consultations on proposed changes to the NHS Pension Scheme and the potential impact of a recent Supreme Court case where the Government is currently in discussions with the Employment Tribunal regarding charges in 2015 to public sector schemes which were ruled to be age discriminatory.

When you sign up to this service, we issue you with a pro-forma interactive PDF checklist which you should complete and send to us with copies of the relevant documents.

Annual review

You can have your report updated annually at a very reasonable cost.  If you opt for this service, we will also keep you informed throughout the year of any changes to pensions taxation or the NHS Pension Scheme which might affect you.

Self-assessment tax returns

We can calculate the amount of any taxable pensions savings that should be included in your self-assessment tax return.

Backdated pay issues

We can work out the impact on your pensions savings tax liabilities of backdated pay and liaise with your employer (e.g. your NHS Trust) to ensure that NHS Pensions are informed.

All our services to NHS staff are provided at a fixed cost which we confirm at outset.

© Golding Smith & Partners Limited 2019

An independent actuarial consultancy founded in 2002


Actuaries and consultants