Frequently Asked Questions (FAQs) – IFAmeducation
Welcome to the IFAmeducation FAQ page.
We’re dedicated to connecting UK medical professionals with hand picked and vetted expert independent financial advisers (IFAs) who specialize in NHS pensions.
The advisers we work with are subject matter experts holding appropriate qualifications and fully regulated by the FCA.
Below, you’ll find answers to common questions about our service, the benefits of financial advice, and key aspects of the NHS Pension Scheme. If your question isn’t covered, contact us for personalized guidance.
1.What is IFAmeducation?
IFAmeducation is a specialized matchmaking service that introduces medical professionals—like doctors, nurses, and allied health staff—across the UK to independent financial advisers with deep expertise in NHS pensions. We simplify the process of finding unbiased, tailored financial advice to help you secure your future.
2. How does IFAmeducation work?
We start with a free, confidential consultation to understand your financial goals and NHS career stage. Using our vetted network, we match you with 2-3 qualified IFAs who specialize in medical professionals’ needs. You then choose your adviser for ongoing support—no fees for our introduction service.
3. Is IFAmeducation free to use?
Yes, our core matchmaking service is completely free for medical professionals. Advisers pay a one-time referral fee only after you’ve engaged their services, ensuring no cost to you for the introduction.
4. Who can use IFAmeducation?
Any UK-based medical professional eligible for the NHS Pension Scheme, including full-time, part-time, or locum workers in hospitals, GP practices, or community health services. We’re here for all career stages, from trainees to consultants.
5. How do I get started with IFAmeducation?
Visit our website to complete a quick online form ifameducation.com/form or call us at 0800 316 1811. We’ll schedule a no-obligation chat within 48 hours to discuss your needs and begin the matching process.
6. What qualifications do your advisers hold?
Our advisers are rigorously vetted and hold advanced qualifications, including level 4 diplomas in financial advice, Chartered Financial Planner status, Fellow of the Personal Finance Society (FPFS), and specialist certifications in NHS pensions. All Advisers undergo regular CPD to stay current on UK regulations.
7. Are your advisers truly independent?
Yes, all the advisers we work with are independent financial advisers (IFAs), meaning they aren’t tied to any single provider. They review the whole market to recommend products that best fit your needs, avoiding conflicts of interest.
8. Do your advisers specialize in NHS pensions?
Absolutely. Every adviser we introduce you to is a subject matter expert in the NHS Pension Scheme, with vast experience advising medical professionals on its unique features, such as legacy sections and integration with private savings.
9. How are advisers selected for my needs?
We use a personalized algorithm and expert review to match you based on factors like your location, career phase (e.g., junior doctor, consultant vs. retiree), and specific concerns (e.g., pension transfers or flexible retirement). You always get the final say.
10. Can I switch advisers if it’s not a good fit?
Yes, we encourage open feedback. If the match isn’t right, we’ll introduce you to another adviser from our network at no extra cost, ensuring you find the perfect partner for your financial journey.
11. Why should I seek independent financial advice as a medical professional?
Medical careers are demanding, leaving little time for finances. Independent advice provides peace of mind by creating a bespoke plan that maximizes your NHS pension, minimizes tax, and protects your wealth—ultimately boosting financial resilience and quality of life.
12. What are the key benefits of working with an IFA on my NHS pension?
An IFA can optimize your pension contributions, navigate complex rules like the McCloud remedy, and integrate it with other savings for retirement. This often leads to higher returns and reduced risks, tailored to your high-earning medical profile.
13. How does financial advice improve my mental wellbeing?
By clarifying your financial path—such as retirement projections or debt management—advice reduces stress from uncertainties like pension changes. Studies show advised individuals report better overall wellbeing and confidence in their future.
14. Can financial advice help with tax planning for doctors?
Yes, IFAs specialize in tax-efficient strategies, like utilizing pension allowances or ISAs, which can save medical professionals thousands annually given irregular income from locums or overtime.
15. Is financial advice worth the cost for early-career medics?
Even for juniors, yes—starting early compounds benefits, like building an emergency fund or boosting pension inputs. Many find the initial cost offset by long-term gains in wealth protection and retirement security.
16. What is the NHS Pension Scheme?
The NHS Pension Scheme is a defined benefit occupational scheme for NHS employees in the UK, promising pension benefits based on your salary and service length rather than investment performance. It’s one of the most generous public sector schemes.
17. What are the different sections of the NHS Pension Scheme?
The scheme has three main sections: the 1995 Section (final salary, for pre-2008 service), 2008 Section (career average revalued earnings, for 2008-2015 service), and 2015 Scheme (career average for post-2015 service). Active members may accrue in multiple sections.
18. How much does the NHS contribute to my pension?
The NHS contributes 20.6% of your pensionable pay (as of 2024/25), on top of your own contributions (5.2%-14.5% based on earnings). This makes it highly employer-supported compared to private schemes.
19. How do I get an estimate of my NHS pension benefits?
Log into your NHS Pensions online account on the NHS Business Services Authority (NHSBSA) website or request a Total Reward Statement (TRS) via post. For detailed forecasts, consult an IFA through us.
20. What forms do I need to claim my NHS pension?
Common forms include AW33P for standard retirement (age 55+), AW8PC for pension credit benefits, and AW70 for partial retirement. Download them from the NHSBSA website or get help from your adviser.