Latest Retirement News & Views for Medics & Dentists
Keeping you up-to-date with financial news and specialist, expert views from Legal & Medical that may affect your personal and/or professional financial affairs.
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Ouch, it looks like everyone is taking a pay cut for the next few years!
Against a back drop of inflation of just under 4% and an NHS pay freeze, your pay is already losing its purchasing power. On top of that, NHS doctors and dentists now also have to pay 3 years of increased contributions into the NHS Pension Scheme.
For what though? What do you get in return to make it worth contributing to?
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Having agreed negotiations with the Government have gone as far as they can, the BMA and other unions have, in the last few weeks, been balloting their members on the latest proposed NHS pension changes.
How do the latest NHS Pension Scheme proposed changes affect you?
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It is now 6 months since Lord Hutton’s Independent Public Service Pensions Commission’s final report was published.
In this report a number of key recommendations were made, some of which are already in place and are having a significant impact on virtually all NHS doctors and dentists. Why the changes and how does this affect you?
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Is retiring at age 60 going to be a pipe dream or reality?
Max Spurgeon, specialist independent financial adviser (IFA) to doctors and dentists, explains why he recommends clients consider drawing their pension at 60, even if they wish to continue working.
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If you employ anyone at all, even if it's your spouse and irrespective of whether or not you already have a company pension scheme in place, you need to be aware of new employer pension regulations and take appropriate action.
NEST or National Employment Savings Trust is a pension scheme being introduced in 2012 as part of the Government’s Workplace Pension Reform set out in the Pensions Act 2008.
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If you’re in your mid-50s or older, you may want to consider opting out of the NHS Pension Scheme. At least that’s what we’re investigating at the moment for some of our clients.
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In October 2010, the Government announced that the lifetime allowance for pension savings for individuals will be reduced from the current level of £1.8 million to £1.5 million from 2012-13 onwards.
Anybody who has pension funding in excess of this new lifetime allowance limit will face a tax penalty of 55% on any amount above £1.5 million. Is this fair?
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The NHS pension options should now be firmly in your grasp but how do you decide whether to remain in the old NHS Pension Scheme (1995) or transfer into the new one (2008)?
Here are the key differences to help you make an informed decision.
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