Quilter has acquired specialist in NHS pension analysis and support, MediFintech.
MediFintech, founded by NHS pension expert Graham Crossley, helps financial advisers, accountants, NHS pension members, employers, and organisations such as the NHS Business Services Authority (NHSBSA).
The company provides valuable support in understanding the impact of various decisions, such as adjusting working hours or participating in salary sacrifice schemes. It also helps clients spot and correct any mistakes in their NHS pension records and tax charges.
MediFintech goes further by guiding clients in choosing the best pension option for the 2015-2022 period, reviewing any annual allowance tax charges, and looking into the option of purchasing NHS pension membership retrospectively, as part of the McCloud remedy. This remedy helps tackle age discrimination in public sector pensions by giving individuals the choice between legacy or reformed schemes, helping them maximise their benefits and reduce tax penalties.
Quilter advisers and IFAs using its platform will have access to MediFintech’s insights, helping them guide clients through NHS pension decisions.
Quilter chief distribution officer Steve Gazard says: “Graham is already a highly regarded technical expert within Quilter, and integrating MediFintech into our business is a natural evolution of our commitment to supporting advisers with digital tools to enhance their client offering.
“The businesses’ ability to generate detailed NHS pension reports and forecasting tools will prove invaluable to advisers helping medical professionals navigate their complex retirement benefits.”
MediFintech founder Graham Crossley says: “I’m delighted that MediFintech now has the backing of Quilter, a company that has consistently demonstrated its commitment to supporting healthcare workers. This partnership will enable us to expand our specialist services, continuing to help advisers and NHS employees navigate the complexities of the NHS pension landscape.
“MediFintech’s specialist services have already delivered significant results — saving NHS pension scheme members well over £5 million by identifying and correcting annual allowance tax charges and errors on pension records. We have already helped thousands of members understand their NHS pension and the impact of the complex McCloud remedy. With Quilter’s support, we look forward to extending these services to the wider adviser market and delivering even greater support to NHS pension scheme members and employers — helping more NHS staff secure their financial wellbeing.”
