Planning for the future

In an extract taken from the December 2021 issue of Private Dentistry, orthodontist Peter Boyd shares his financial planning journey, where an initial conversation about NHS pensions turned into a comprehensive financial plan for the future.

I first contacted Wealthwide back in November 2019 as I was uncertain about what to do with my NHS pension. As many dentists will know, the Government has announced several changes to public sector pensions [change from the 1995 to 2015 pension scheme and more recently the effect of the McCloud judgment], and tax laws have changed regarding annual and lifetime allowances. Along with many of my colleagues, I was finding it very hard to get my head around it and was being asked to make decisions about my pension that I didn't really understand.

Fortunately, I was introduced to Martin Brown at Wealthwide by my accountants and it became clear very quickly that Martin had lots of experience in all aspects of financial planning, including the complexities of the NHS pension. Unfortunately, before we progressed, the pandemic hit, and I had to focus all my attention on the practice and the immediate future.

I met up again with Martin in January 2021. My main focus was to make a decision about whether or not to opt out of the NHS pension.

I wanted to know what the ramifications would be, whether I was doing things right, and what the future might look like if I carried on as I had been.

Martin requested lots of information about our financial status which was a good exercise to go through and eventually helped us to understand our existing position. From there, it was all put together in one big summary, which included our pensions and ISAs, and we had a plan. Without knowing it, this full picture was exactly what we needed. We really felt that for the first time we had a complete understanding of the here and now and the best way forward for us, into the future.

Added value

What I wasn't expecting was the value that financial planning would have in the here and now, not just to my retirement plans and pension. We're not massive spenders, but it's reassuring to know that we do have money to spend on things we want to do now.

Working with a financial planner has given me the reassurance that all avenues have been covered and that any problems that crop up will be dealt with. We now have an overriding plan in place that will be revisited with Wealthwide on a regular basis, and more often if change requires it.

I don't think there are many specialist financial planning services out there that have the understanding that the team at Wealthwide have of the intricacies of the NHS pension and the dental profession as a whole. I’m so pleased to have found a financial planner who really knows what they're talking about.

Whatever life throws my way, or if my goals and ambitions change, I know I have the Wealthwide team there supporting me and that my plan can be adjusted accordingly. With that reassurance, I can breathe easy.

You can read the full article in The December issue of Private Dentistry.