RETIREMENT PLANNING IS IDENTIFYING
WHAT YOU WANT TO ACHIEVE AFTER WORKING IN DENTISTRY
- Your objectives
- The age at which you would like to take retirement
- How much you can contribute in order to build retirement provision
- The annual allowance and lifetime allowance
- Attitude to risk
- Tax implications
It is important to regularly review your retirement planning to ensure you remain on course. At DFA we will look at your retirement plan every year in conjunction with the rest of your financial review. It’s very important that retirement planning is integrated into your financial planning.
The earlier you begin saving for retirement the greater chance you have of building a retirement portfolio to help you achieve your desired lifestyle in later life .
The NHS superannuation is a form of defined benefit pension where the amount you retire on is based on your earnings.
We have an intricate and detailed working knowledge of the NHS pension whether you are still an active member contributing to the scheme or have since left and become a deferred member. Some of the valuable information we can provide includes:
- Projecting and estimating your NHS benefits in retirement
- Closely analysing and monitoring your position with respect to both the lifetime allowance and annual allowance
- Looking at the impact added years’ contracts will have on your NHS pension
- Comparisons between the NHS pension and other types of pension
- Cost effectiveness of the contributions you make
- Advice on buying additional NHS pension benefits
A personal pension is the simplest and most well known type of pension.
By making contributions your pension fund will build over time coupled with investment returns and tax relief. Pensions are a very tax efficient way of saving for retirement. Most people can claim basic rate tax relief on pension contributions and for higher and additional rate tax payers the relief can be more.
We will recommend the most suitable pension provider for your needs and make a selection where to invest from the range of investment funds available. We’ll ensure that the funds selected meet your appetite to risk for this particular type of investment.
SELF-INVESTED PERSONAL PENSIONS
The self-invested personal pension (SIPP) is a pension that can hold a greater range of investments in comparison to a stakeholder or personal pension.
It has the same tax advantages as other pensions as well as the ability to borrow further funds against the assets held in the SIPP. SIPPs are a form of personal pension and give much more flexibility in the avaialble selection of investments.
A number of our clients who own their own dental practice operate SIPPs in which the practice is owned by the SIPP. This can be advantageous in a number of ways as the rental income is not a pension contribution, but a return on the property investment. SIPPs are extremely useful for tax and retirement planning.
A typical range of investments in a SIPP could include the following:
- UK and Overseas stocks and shares
- Unlisted shares
- Unit trusts
- Investment trusts
- Open ended investment companies
- Insurance company funds
- Deposit accounts
- Gilts and securities
- Investment trusts
- Commercial property
Stakeholder pensions are another form of defined contribution personal pensions. They are required to have certain features, such as:
- limited charges;
- low and flexible minimum contributions;
- penalty-free transfers;
- a default investment fund – a fund your money will be invested in if you don’t wish to select your own.
CASHFLOW AND TAX PLANNING
When you reach retirement age and you look to take an income we can help you plan when and how you to take income. The new pension flexibilities introduced in April 2015 have made retirement planning much more flexible than before and we will make you aware of all your options given your objectives.
Analysing your investments, pensions, possible rental income and any other forms of income we produce an in depth but easy to understand cashflow analysis. This cashflow modelling will show you your retirement picture against a base level we will also build in scenario testing for different market conditions. This will show how your current income plan is affected by these market changes.
We will always look at the most tax efficient way to optimise your various sources of income. We will also take in to account legacy and estate planning for your spouse/partner and dependants for the future.
WHAT OUR CLIENTS SAY
Martin, Paul and the Team have been invaluable in helping us ensure that our family and practice would remain secure if any unfortunate event were to occur. The service provided by Dental Financial Associates is comprehensive and tailored exactly to our needs and we highly recommend them to any dentist wanting peace of mind over their financial affairs.Dr Chris and Dr Hayley French — Clarendon house Dental Centre, Leamington Spa
I have known and been working with Martin for approximately 10 years now. Within that time the clients that I’ve referred to him have been delighted to benefit from his professionalism, dedication, extremely helpful advice and prompt support. Martin has a passion for dentistry and is a real expert in all the financial and business aspects of a dental practice. Martin and his team deliver on their service level commitments and I’d have no hesitation in recommending him to any of my dental customers wherever they are nationally.Ian Eslick - DPAS Business Development Manager
Martin Haines at Dental Financial Associates has provided me with easy to follow information and advice, which means I don’t have to worry about my financial future, and can concentrate on being a dentist and enjoying life. Their specialist knowledge of policies for dentists and their total independence from any of the companies means I have a bespoke and complimentary portfolio of policies to insure me and to provide for me and my family’s future. This service is essential if you want a financially secure future and no worries.Dr Dave Mantle - Smilecare, Chiswick
I would not hesitate to recommend Dental Financial Associates. Martin Haines has a thorough understanding of the Dental business and as well as comprehensively sorting out our financial requirements he is always ready to go that extra mile with any business help or advice you may require by drawing upon his extensive knowledge and experience or referring you to the appropriate person.Derek Stott - Needham Market Dental Practice