What's new in NHS Pension Planning
The NHS Death in Service benefits’ facelift
Have you sorted out who would benefit from your death? Bringing up the subject of your death and who will…
Stop and think before you leave the NHS Pension Scheme
NHS staff are leaving the NHS Pension Scheme at almost 5 times the rate of other public sector workers¹. Are…
How a change in NHS Pension rules affects medics
A change to the NHS Pensions’ Scheme Pays rules from the 2017-2018 tax year potentially reduces the income tax bill…
Are NHS medics being penalised for working part-time?
What doctor or dentist doesn’t find the better, more varied work/life balance of part-time working enticing? Of course one of…
How to know if you’re facing an unexpected tax bill?
Like many doctors and dentists, you may have already started to think about your next tax return, but have you…
Is the NHS Pension Scheme still good value for money?
“Is it worth being in the NHS Pension Scheme or should I be doing something else to fund my retirement?”…
Paying your unexpected pension tax bill: Your options
Confused about how much you’re allowed to contribute to your pension and what to do if you’ve been hit with…
Clinical Excellence Awards changes, your pay and pension
The warnings that changes to Clinical Excellence Awards (CEAs) were afoot have come true. A new local Clinical Excellence Award…
The powerful pension options medics now have
How doctors and dentists view and use their pensions has changed since ‘Pension Freedoms’ came into being in March 2015….
GP locums: Will you get your death in service benefit?
Locums are becoming a vital part of increasingly pressurised general practices, yet the NHS benefits they’re entitled to are not…
Ongoing tax penalties for high earning medics
The pension and pockets of high earning NHS doctors and dentists are being hit hard with tax penalties that are…
3 reasons to have a pension pot over the allowed limit
From the 6th April 2018, doctors and dentists who have more than £1,030,000¹ in their pension pot are very likely…
GPs take note: 2017/18 could have a nasty tax sting!
Many GPs and dentists in the NHS Pension Scheme may have an unpleasant tax bill coming, merely because CPI inflation…
How to reduce your NHS Pension retirement age
Did you know that you can buy your way to early retirement if you’re an NHS doctor or dentist in…
6-point financial checklist for doctors and dentists
For doctors and dentists working in the NHS, change is an increasingly common (if not constant!) occurrence, from changing contracts and…
NHS Scheme Pays: It may not pay as much as you think
There is never a dull moment when it comes to pensions! Even if you have elected for NHS Pensions’ Scheme…
Who gets paid more: a doctor or a dentist?
From a purely monetary perspective, have you ever thought “would I have been better off training as a doctor or…
An important NHS Pension deadline looms
The deadline to elect for NHS Pensions’ Scheme Pays is only a few weeks away. If you miss it, you…
Why and how to keep an eye on your NHS Pension
The halcyon days when you could join the NHS Pension Scheme and not look at it until your 60th birthday…
Don’t forget your Scottish NHS Pension!
A fair number of the 49,785¹ Consultants in the UK qualified from universities north of the border. Even though many…
Doctors and dentists: It’s time to protect your pension
Earlier this year yet another raft of pension legislation hit us. Simultaneously, the Government put in place two ‘transitional regimes’…
NHS Pension Scheme starts charging for information!
With the recent changes to both the lifetime and annual pension allowances, it’s imperative that medics of all ages get…
Junior Doctors: The new NHS contracts and your pension
Will the new NHS contracts affect Junior Doctors’ NHS pension? In short, the answer is yes they could and here’s how. On…
Lifetime ISA: What’s in it for me?
The Chancellor’s Budget U-turn on pension tax relief changes wasn’t the only surprise he had up his sleeve; he also…
Is this a crystal ball for your NHS Pension?
Whilst the Budget 2016 didn’t rock the pensions’ world with any new announcements, there are already enough significant changes coming…
How much is ‘enough’ to stop working?
Apparently we’re living longer but not necessarily enjoying good health in old age. Pension schemes, including the NHS Pension Scheme,…
More tax penalties for high earning medics
The pension and pockets of high earning NHS doctors and dentists are likely to be hit hard when new pension…
2015 NHS Pension: 5 details you need to know
On the 1st April 2015, 75%* of existing NHS employees and all new NHS Pension members will join the new…
Is there a silver lining to the NHS pension changes?
Is there a silver lining in the distant horizon for NHS Pension members? Here’s an example of the impact of the proposed changes for a 40 year old consultant…
Do you lose your NHS Pension benefits when you die?
Did you know that the NHS Pension Scheme provides valuable benefits to spouses, civil partners, partners and dependent children on…
Will your NHS Pension income be enough to live on in retirement?
Over the last few years, the NHS has been working through major changes to the NHS Pension Scheme. The Government has also implemented some of the biggest reforms to pensions in decades.
As a result, key considerations for doctors and dentists in the NHS Pension Scheme include:
- How does the new reduced annual and lifetime allowance affect you?
- How can you leverage the new pension legislation in your financial plans?
- Is retiring at age 60 a pipe dream or reality for doctors and dentists?
- Is the NHS Pension Scheme still good value?
Medics who joined the NHS Pension Scheme after 1 April 2008 will have different benefits and a different age at which normal retirement can be taken to those who joined the scheme before this date.
How we can help you
With our extensive experience in dealing with the NHS Pension Scheme, your L&M financial adviser can provide you with a comprehensive review of your NHS pension which will include:
- A projection of your benefits incorporating factors specific to doctors and dentists that change the impact of the forecast;
- Ensuring that your service history is correct – a critical factor as the pension is, at present, invariably based on your length of service;
- Strategies to increase your pension provision either within the NHS or outside, or a combination of the two;
- Strategies should you wish to take early retirement, increase your tax free lump sum or make additional voluntary contributions to your NHS pension.
Get in touch to find out more