You have dedicated your career to providing care, support and hope to others. So, when it’s time for your well-earned retirement, it’s only right that you’ll be able to lead the lifestyle you deserve.

To check how retirement ready you are, here are some essential planning considerations from Wesleyan Financial Services, a leading provider of lifelong specialist financial advice to doctors and their families.

Currently, what do your retirement plans look like?

For your plans to be secure, you’ll need to be able to answer a number of key questions, including ‘what do I want to do?’, ‘how much money will I need to live on?’, ‘what is my NHS Pension likely to give me?’, and ‘when can I retire, and can I do so earlier than my scheme’s normal retirement age?’.

Much like good health, when it comes to achieving a brighter financial future, prevention is better than cure. Wherever you are in your career, there’s no better time than now to future-proof your plans. In fact, it’s only once you’ve retired that it becomes almost impossible to influence key factors, such as the income streams you’ll have available to you.

Flexible planning can lead to a happy retirement

As you progress through your career, your needs are likely to evolve and shift, so your plans need to be able to flex to accommodate any emerging priorities.

By reviewing your plans at least once a year, you’ll have the confidence of knowing that you’re on track.

Whether it’s ensuring financial freedom for your family, phased retirement or funding private education fees, being clear on what you’d like to achieve – and making sure you’ll have enough income to sustain this – will play an essential role in your retirement readiness.

Projection tools can help you to visualise your plans

There’s nothing quite like seeing your future in numbers. It’s one of the simplest ways to understand how to allocate your money in the right place, at the right time. It will also make sure that your plans are as accurate and robust as possible.

Forecasting tools can play a powerful role in making sure that doctors will be able to retire with financial peace of mind.

At Wesleyan Financial Services, our Specialist Financial Advisers offer a lifetime of financial support to doctors and their families. From understanding your options to making informed choices at every step, we’re backing you all the way.

As we’re led by your specific needs, the tools will vary from doctor to doctor, but they typically include forecasts such as cashflow modelling, pension projections and bespoke reports, including the Wesleyan NHS Pension Assessment Report.

The McCloud remedy and its impact on your retirement

The fully personalised Wesleyan Pension Assessment Report can also confirm if and how you may be affected by the McCloud remedy, which is an issue that many doctors are facing.

Wesleyan recently placed a Freedom of Information request, which found that 14,412 members left the NHS Pension Scheme between 1 April 2015 (when it changed from a final salary scheme to a career average scheme) and 31 March 2022.

Alec Collie, Head of Medical at Wesleyan, states that thousands of medical professionals could now face a tough decision as to whether or not to apply to opt back into the NHSPS for this seven-year period.

“It’s a challenge because the benefit of doing that may be outweighed by any additional contributions or claw backs that are demanded, which might have to be paid now or taken out of their pension benefits.

“Each person will need to determine what the best option is for them. This will likely be a complex decision, that will only be made more difficult following recent changes to pension rules and the risk of further pension tax issues.

“Seeking professional advice and support before making a decision could be invaluable.”

For support at every stage, consider specialist financial advice

From maximising privately earned income to pension gap planning, having access to financial specialists who understand the ins-and-outs of your career, and how to get the most out of your money, will be essential.

Whatever stage you’re at, Wesleyan Financial Services – which has its roots in the Wesleyan Assurance Society, a mutual established over 180 years ago – can help you to secure the brightest possible financial future.

Knowing you lead a busy life, we make retirement planning as simple as possible. To get ready for your retirement, please visit

Data based on an FOI filed by Wesleyan to the NHS Business Services Authority, received on the 6th February 2024.

Advice is provided by Wesleyan Financial Services Ltd, which is wholly owned by Wesleyan Assurance Society.

‘WESLEYAN’ is a trading name of the Wesleyan Group of companies.

Wesleyan Financial Services Ltd (Registered in England and Wales No. 1651212) is authorised and regulated by the Financial Conduct Authority and is wholly owned by Wesleyan Assurance Society.

Wesleyan Assurance Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Incorporated in England and Wales by Private Act of Parliament (No. ZC145). Registered Office: Colmore Circus, Birmingham B4 6AR. Telephone: 0345 351 2352. Calls may be recorded to help us provide, monitor and improve our services to you.