What should I ask before starting NHS retirement planning?

Ask how the model will account for your NHS pension, State Pension, private pensions, savings and investments. It should be clear when each income source is expected to start and which figures remain estimates.

Including investments in an illustrative model is different from recommending which investments to hold or sell. Ask which services are included.

You may want to explore retiring at different ages, reducing your hours, partial retirement or retire and return. Ask how the model will reflect the relevant scheme rules, early retirement reductions and any Scheme Pays deductions.

Ask about inflation, investment growth, charges, tax, spending and how long retirement is modelled to last. Ask what happens when those assumptions change.

A projection helps you explore possibilities; it cannot guarantee future income or investment returns.

Establish whether the fee includes a written report, pension analysis, cashflow illustrations, explanation meetings and subsequent updates. Ask what falls outside the agreed scope and could involve an additional fee.

Clarify whether you are receiving education, guidance and modelling, regulated recommendations, or separate services from different businesses. Ask who is responsible for each part.

For detailed work, useful information may include pension statements, Scheme Pays correspondence, other pension and investment statements, mortgage details and an outline of household spending. Confirm what is needed and how to share it securely.