Want to access your NHS pension without losing your contract?
Featured Products Promotional FeaturesPosted by: Dental Design 23rd August 2021
As we are living through such unpredictable times, it makes sense that professionals may be looking at ways to access some of the funds they had previously invested, for example, their NHS pension.
However, while this money is available through the right method, professionals need to think wisely about how to approach this or they may be in danger of losing their NHS contract. So, where do you begin?
Retire, claim, resume
One option is to take a short, non-permanent retirement for a period of 24 hours. As your NHS pension will be tied directly your NHS contract number and your active performer number, this means that if you are the sole provider, your NHS contract will come to an end when you ‘retire’. Despite this, it’s worth remembering that a break of at least 24 hours is required in order to access any funds.
As a sole provider, one option to protect your NHS contract is to enter into a temporary partnership for the duration of this short retirement period, usually to be dissolved as soon as this window has come to an end. This maintains the contract because you will be issued with a new “partnership number” so that even when you are retired for 24 hours, there is still someone in place to maintain and hold the contract.
From the perspective of the CQC, even during your 24-hour retirement period you will continue to be responsible for regulated activity in your practice and remain accountable. This is actually a bonus, as it means that you won’t necessarily need to register the partnership with the CQC, especially as once the partnership has been dissolved, regulated activity will continue to be undertaken under your sole trader registration.
Regardless, this whole process is not always straightforward, and there are a number of considerations to bear in mind.
The first of these is that if your Local Area Team is insisting on documenting a partnership despite the CQC not necessarily requiring partner registration, this process can take up to five months. This, inevitably throws a spanner in the works, meaning that you wouldn’t be able to access the funds in your NHS pension until this stage is complete. If this is the case, it’s worth making it very clear that the CQC does not require partnership registrations in the event of a 24-hour retirement.
Another consideration is who you are to form the partnership with for this period. Although GDS regulations state that a partnership can occur between GDPs and DCPs, a DCP cannot hold a GDS contract by themselves even for a 24-hour period, so they are not a viable choice in this instance. As such, you’ll need to find another GDP who is happy to partner with you during this time.
Expert advice
Of course, whenever something significant is undertaken such as a new partnership, even for such a short time period, you need to ensure that the process is completed by a legal professional with experience in the dental field, such as the award-winning team at money4dentists. This way, you can make sure that you have all of the terms of the partnership in black and white and that these are tailored to your individual circumstances. This also guarantees that both parties involved are fully aware of what is going on, and that neither can break the agreed terms of the contract.
You need to supply your solicitor with all of the signed NHS partnership documents (signed by both you and your chosen partner in advance) so that you can be added back onto the contract once the partnership has dissolved. This adds extra protection as it prevents any opportunity for your partner to not sign the contract back over to you or alternatively, not sign to dissolve the partnership once it has been made.
It’s worth reiterating that, due to the complexity of this arrangement and the numerous parties involved, it’s essential to choose a solicitor with substantial experience in the dental industry. By doing so, you can effectively navigate any of the potential pitfalls that may arise during this situation and be certain that you are receiving advice that is fully bespoke and reflective of the unique circumstances on every level.
A viable option
In the end, accessing your NHS pension fund is an effective way to free up some capital if necessary. By enlisting the help of a dental solicitor and by partnering with a trusted professional, you can reap the rewards of your saved funds without compromising your all-important NHS contract.
For more information please call 0845 345 5060 or 0754DENTIST.
Email info@money4dentists.com or visit www.money4dentists.com
Richard T Lishman
Managing Director of the 4dentists Group of companies
