Pension Assessment Report

The key to a successful retirement is having a plan.

Once you’ve formalised your retirement strategy with your Specialist Financial Adviser from Wesleyan Financial Services, the next step in the process is to understand how on track you are to meet your goals.

This is where the Pension Assessment Report comes in.

There are two reports you can choose from. A basic version at no cost, and a full version that costs £960+VAT (£1,152 based on today's VAT rate of 20%). The full version provides the clearest possible picture of your retirement plan.

What does the report show?

The in-depth report is designed to give you a projection of your NHS pension benefits, and assess your position in relation to the Annual Allowance.

See how you might be affected financially by using Scheme Pays, or what you could be entitled to if you need to retire due to ill health. Find out too how your family might be supported financially in the event of your death – not the easiest thing to think about, but vital to provide peace of mind for your family’s future.

Even if you’ve opted out of the NHS Pension Scheme, the report can project your current benefits to retirement. It can also show you the difference if you were to opt back in.

Choose the full report and you can also find out:

If and how you might be affected by the McCloud judgement (age discrimination ruling)
How any personal pensions you hold could affect your post-work funds and lifestyle
How inflation may impact your pension funds
How future market conditions could affect your finances

Differences between the full and basic versions of the report

In this video, Alec Collie, Head of Medical at Wesleyan Financial Services, talks through the differences between the full and basic versions of the Pension Assessment Report, designed for members of the NHS Pension Scheme.

What's included...

	Basic report	Full report
Officer, practitioner or combination membership
Maximum tax-free lump sum
Officer and practitioner added years
Future salary changes
Historical defer and re-joined the scheme
Divorce
Historical defer but planning to re-join in the future
Future plans to defer and then re-join
Annual allowance (current membership)
Annual allowance (legacy membership)
Annual allowance (reformed membership)
McCloud remedy period projections for legacy and reformed schemes*
Annual allowance and income record
Cost of Scheme Pays if used in current year
Flexible retirement options (phased retirement or 'retire and return')**
Personal pensions

* Basic report shows projections for legacy schemes only.

** When taking 100% of benefits from the 1995 or 2008 section, and continuing to contribute to the 2015 section.

Note that only calculations based on 1995 and 2015 scheme membership are currently available.

Learn more about the reports

To find out more about how the Pension Assessment Report can help you understand your projected NHS Pension Scheme benefits, watch this video with Wesleyan Financial Services Regional Manager, Wendy Baillie.