London, October 2023: Allenby Accountants is a leading independent firm of Chartered accountants based in West London. The firm serves small and medium-sized businesses for their accountancy and taxation needs all across London. The firm offers various services, such as bookkeeping, payroll, VAT, year-end accounts, tax returns, business planning, and charity accounting.
Allenby Accountants is dedicated to staying current with evolving financial regulations and amendments to provide clients with accurate and up-to-date advice. In their commitment to excellence, they've recently identified significant changes in NHS Pension rules. This proactive approach ensures that their clients receive informed and expert guidance, even in the face of the most recent modifications in the financial landscape.
Recent Changes in NHS Pension Rules:
• Retirement and Re-joining Options: Starting 1 April 2023, all scheme members, regardless of their section or scheme affiliations, will have the flexibility to retire and then rejoin the pension scheme. This notable change implies that members who have accessed their pensions from the 1995 section can now become a part of the 2015 scheme, thereby accumulating additional pensions.
• Expansion of Partial Retirement: Effective from 1 October 2023, the provisions for partial retirement will undergo a significant expansion. Specifically, members of the 1995 section will now have the privilege to avail some or the entirety of their pension whilst still being in the employ of the NHS. However, this comes with the stipulation that their pensionable pay must see a reduction of at least 10% for the initial 12 months post partialretirement. Additionally, members affiliated with the 2008 section and the 2015 scheme will also be granted the leeway to undertake partial retirement, ranging from 20% to a full 100% of their pension entitlements.
• Elimination of the 16-hour Rule: The previously established 16-hour rule, which acted as a bar on members from re-entering NHS employment within 16 hours of pension access, will see a permanent revocation as of 1 April 2023. This removal amplifies the flexibility for members in terms of employment decisions post pension access.
By understanding these changes, members can make the most of their pension benefits and plan for a secure and comfortable retirement. These changes, encompassing retirement re-joining provisions, the expansion of partial retirement, and the removal of the 16-hour rule, mark significant developments within the NHS Pension system.
Reach out to Allenby Accountants now and let the experts guide your way in Pension rules. The firm offers a free consultation to discuss individual needs and explore Accounting Services provided by Allenby Accountants for you and your family.
About Allenby Accountants:
Allenby Accountants is a leading accounting firm based in London, specialising in providing comprehensive financial solutions to businesses and individuals. Focusing on delivering personalised services, they offer expertise in various areas, including accounting, tax planning, corporate finance, and property portfolio incorporation. Their team of qualified professionals is committed to assisting clients in achieving their financial goals and maximising their wealth.