The BMA Goldstone pension modeller

We have entered into an agreement with Dr Tony Goldstone to develop a tool for consultants in the UK on 1995 and 2015 pension schemes to calculate your annual allowance charge.
Location: UK
Audience: Consultants
Updated: Thursday 23 April 2020
Piggybank illustration
Budget updates

The BMA Goldstone pension modeller has been updated for consultants and SAS doctors across the UK to take into account the changes to threshold and adjusted income announced in March’s Budget.

The BMA Goldstone pension modeller provides robust data for consultants across the UK to calculate if they are above the annual allowance threshold.

There will be some limitations in the calculation of the scheme pays loan for those in Scotland, due to a discrepancy in the way interest charges are calculated.


What you need to do first

To use the modeller you must input your password and BMA activation code.

You can find your access codes in the sign-in details box of your account page. If you experience any difficulties please contact ​us.


Download on desktop

Please note this link will take you to a page on the archive website.

Use the modeller


Eight steps to using the modeller

  1. Read all the information provided in the model guide carefully, including the caveats around the use of the modeller and the list of information that you will need to input in order to use it.
  2. Review both of the slide presentations to give a wider understanding of pension issues and the nature of the difficulties for consultants.
  3. Watch the 'how-to' clips for each section of the modeller.
  4. Collect the information needed to be able to use the modeller accurately.
  5. Carefully input the required data into the modeller. Ensure you successfully complete the 'validation' step before going on to other parts of the modeller. Use the 'troubleshooters' if you are struggling to validate.
  6. Review the modeller results.
  7. Adjust the modeller inputs to model potential scenarios. The modeller will allow you to adjust the inputs so that you can model what might happen in imaginary scenarios, allowing you to test the effects of many different courses of action.
  8. Seriously consider professional advice – the modeller should be considered an indicator only. Decisions around annual allowance charges and your likely pension are large financial decisions that can have enduring impact and they are heavily dependent on both data accuracy and your own individual circumstance.
Important disclaimer

The information provided in the BMA Goldstone pension modeller does not constitute regulated financial advice. In particular, nothing in the BMA goldstone pension modeller should be construed as advice as to the conversion or transfer of pension benefits held in an NHS pension.

While the BMA tries to ensure the accuracy and completeness of the BMA Goldstone pension modeller, it cannot promise it will be. Any reliance you may place on the calculator is at your own risk and it is not a substitute for the advice of an accountant or financial adviser and should not be relied on for any purposes.

You should consider seeking independent financial and/or tax advice from an adviser who fully understands the subtleties of the NHS pension scheme. Including annual allowance, tapering and the use of strategies to try and reduce your tax liability and who will correlate the output from this tool with HMRC official calculators.

Please note that the BMA pensions department cannot assist members with the input of data into the modeller or provide any advice or comment on the technical aspects of the modeller. The inputs required for the effective use of the modeller are highly individualised and all the information required to use the modeller is linked to from this page.

Copyright BMA 2019

The BMA Goldstone pension modeller is subject to copyright owned by the BMA and protected by UK and international copyright laws. BMA members may download and use it free of charge. However it may not be used in whole or part, reverse engineered nor adapted to create a derivative work from any of its content, design or data, for any purpose other than for personal non-commercial use, without the BMA’s consent.