The pension data will enable dentists to apply for transitional pension protection to mitigate the falling Lifetime Allowance (LTA).
Jon Drysdale, an independent financial adviser from Chartered Financial Planners PFM Dental, says: “A dentist with a personal pension fund of £200,000 and an NHS pension of £45,000 per annum retiring in May, 2016, would be £2,900 a year worse off than one who retires in March, 2016. Applying for transitional protection prior to retirement could remove this charge.
“The Chancellor has offered quite significant protection against the falling Lifetime Allowance but the rules are not straightforward and the application window for transitional protection is time limited. Dentists planning to retire after April 5, 2016, should seek professional advice.”
For more information visit www.pfmdental.co.uk