A financial adviser and legal expert are joining forces to raise awareness among health workers about the value and benefits of the NHS pension.
Jack Fallows, a financial adviser from Herald Wealth Management, and David Pugh of Lanyon Bowdler (an expert in wills, trusts and the administration of estates), have started an awareness campaign for health workers in Shropshire.
After an inaugural presentation at Lanyon Bowdler’s Shrewsbury offices to an audience of current and retired NHS employees, the pair are planning to take the campaign into hospitals and other care settings.
Jack said: “Understandably, knowledge of the NHS pension can be really low because it is such a complex area, and with thousands of people working, or having worked, in the NHS, it affects a significant number of people.
“Misunderstanding about the pension is a common reason that people leave the NHS, so we want to raise awareness and increase understanding about its value.
“The NHS pension is actually an extremely good pension, with hugely valuable benefits, but it is complicated so we are doing our best to simplify it. Most people assume their home is their biggest asset, but if you have worked in the NHS for a long time your pension can, in essence, actually be worth more than your property.”
David added: “We thought it made sense to join forces for this campaign, because an understanding of your pension is vital when planning for retirement and getting your affairs in order.
“Whenever I advise someone on their will, and they have an NHS pension, it’s often the case that they do not understand the amount of benefits they are entitled to.
“Each NHS pension Member’s Guide is long and convoluted, so it’s not entirely surprising, but we are really keen to get the message out that if you are working in the NHS, or recently retired, it’s a good idea to do some research to ensure you don’t miss out.”