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Quilter’s dental and medical advice division is launching new support package for NHS staff after noting a wide range of complications and confusions around the NHS pension scheme, which could be costing members thousands.
In its dealings with the NHS pension scheme Quilter has found multiple errors and inconsistencies that are leading doctors to lose thousands of pounds from their retirement savings.
To tackle this, Quilter will run a series of virtual events offering doctors tips and tools to figure out the best way to manage their pensions and how to spot a potential problem.
Issues include the various causes of incorrect pensionable pay, which can have a significant impact on annual allowance calculations. Quilter has seen a number of occasions where medical professionals are paying for the same growth in pay twice.
The webinars will also focus on how to ensure doctors have up to date records and what they should do if they receive late statements. A Freedom of Information request by Quilter to the NHS Business Services Authority shows that out of 42,451 active practitioner records in England, 11,232 had been updated as of March 31, 2018.
The errors mean that some doctors are unaware they have breached the pension annual allowance, and in some cases are facing a large tax bill years later which they are forced to settle upfront in cash. Members should be entitled to utilise the NHS Scheme Pays election, but they require up to date records or the ability to calculate accurate estimates of pensionable pay. For those that miss the scheme pays deadline, Quilter will show how they can submit a late application to avoid the need to find thousands of pounds from their savings to meet the tax charge.
Quilter Financial Advisers are included on the NHS Employers list of organisations who can give expert guidance and advice on pension tax issues. The business has called for the NHS pension scheme to reform its approach to scheme pays by extending the deadline for scheme pays applications. The deadline for applications in 2020 has been extended due to Covid-19, although Quilter wants the scheme to go further by implementing a four year window for anyone to make a scheme pays election.
Graham Crossley, head of development for Quilter’s dental and medical advice business:
“It is frankly astonishing just how many errors we encounter in our work with medical professionals. And these are not small errors; they are errors that would’ve cost them tens, if not hundreds of thousands of pounds.
“To ensure we are helping as many people as possible we are pleased to launch a webinar series available to any GP practice or Hospital. Awareness of the possible errors and what you can do to meet tax bills can go a long way.”
Notes to Editors:
About Quilter plc:
Quilter plc is a leading wealth management business in the UK and internationally, helping to create prosperity for the generations of today and tomorrow.
Quilter plc oversees £95.3 billion in customer investments (as at 31 March 2020).
It has an adviser and customer offering spanning: financial advice; investment platforms; multi-asset investment solutions; and discretionary fund management.
The business is comprised of two segments: Advice and Wealth Management and Wealth Platforms.
Advice and Wealth Management encompasses the financial advice business, Quilter Financial Planning; the discretionary fund management business, Quilter Cheviot; and Quilter Investors, the Multi-asset investment solutions business.
Wealth Platforms includes Old Mutual Wealth UK platform and Quilter International, including AAM Advisory in Singapore.
The Old Mutual Wealth Heritage life assurance business was acquired by ReAssure Group Plc on 2 January 2020.
Since its IPO in June 2018, Quilter plc’s businesses have progressively rebranded to Quilter, as follows:
This press release is for journalists only and should not be relied upon by financial advisers or customers.
Please remember that past performance is not a guide to future performance. The value of investments and the income from them can go down as well as up and investors may not get back any of the amount originally invested. Exchange rate changes may cause the value of overseas investments to rise or fall.
This communication is issued by Quilter plc. Registered office: Millennium Bridge House, 2 Lambeth Hill, London EC4V 4AJ, United Kingdom. Registered number: 6404270. Registered in England.