The UK government is about to close a tax loophole which means you will no longer be able to transfer out of an NHS pension Scheme. This guide will explain how to find the NHS pension calculator and how to get out of the UK tax net. If you are still paying NHS pension contributions, but thinking of retiring overseas, this guide can help you.
People from around the world come to work for the world’s fifth largest employer. Doctors & nurses from India, Pakistan, South Africa, Nigeria, Poland, Ireland, Italy, Greece, Egypt, German, Spain and even Iraq come to work for the British hospital.
In fact more than 1 in 10 doctors in the NHS come from overseas. These doctors & nurses form the backbone of British society. When they go back to retire in their countries, there is no longer a need for them to pay UK taxes. Now, they can avoid the death tax and UK income taxes by a transfer to a Qualifying Recognized Overseas Pension Scheme (QROPS).
We depend on our doctors and nurses when we are in the most pain, now they have already delivered for Queen and country, they should be allowed to repatriate their pensions to the country they want to retire in. Doctors and nurses should seek out QROPS specialists to help them avoid the UK tax net and get their pensions into the currencies they want and into a jurisdiction which minimizes taxes for them.
Many British Indians have transferred their pensions already. Even if you have worked in the NHS for only 6 years, it is still possible to have built up a substantial pension of around 80,000 – 100,000 GBP. The transferring out of the NHS pension scheme means no tax on income in the UK and no tax on death in the UK. You can also choose whether to transfer to USD, EUR, CHF or another currency of your choice.
Those doctors and nurses in the UK looking for an NHS pension refund or to exit from the NHS pension as an expat will not be in luck. If you want early retirement from the NHS and retire abroad you can no longer transfer out from April even if you have already used the NHS pension calculator.
NHS pension changes 2016 will make sure that you can no longer transfer out your pension offshore even if you wish to love offshore or retire abroad.
As readers will be aware, brand new pension regulations will come into effect for all public sector pension schemes including the NHS pension scheme from 1 April 2015. The main features of the new NHS Scheme include a career average revalued earnings (CARE) scheme. If you want a fair deal on transferring out, this is your last chance.
Even if you have made substantial pension contributions you will be out of luck. This will be the last time you can have the ability to move your UK pension abroad as an NHS doctor, nurse or clinical specialist.
