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Specialist medical accounting blog

NHS Pension Scheme pays deadline extended

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NHS Scheme Pays – a recap From April 2016 the annual allowance (AA) was tapered for individuals whose ‘adjusted income’ was over £150,000 at a rate of £1 for every £2 over the threshold to a minimum AA of £10,000. The tapered annual allowance (TAA) calculation only applied if your ‘Threshold Income’ was over £110,000. […]

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NHS pension tax and COVID-19

Annual allowance tax charges and COVID-19 in the NHS Pension Scheme Due to the current situation with COVID-19, we have seen a number of our clients opting back in to the NHS Pension Scheme. This is primarily because there are enhanced death in service benefits that active members receive, morbid as it may sound, and […]

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NHS pension tax charges. Are you affected by annual allowance, tapered annual allowance and how to calculate your threshold and adjusted income?

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In the March 2020 budget, the government announced the threshold income was rising to £200,000 and adjusted income to £240,000 along with some other changes. We will update this article very soon. Much of it remains relevant, taking into account the new limits. To be notified of the updated article join Medics’ Money here https://www.medicsmoney.co.uk/join-medics-money/ […]

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Independant financial advisers ( IFA ) for doctors

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Independent financial advisers for doctors (IFA) – how do I find a good IFA? Choosing an Independent Financial Adviser that specialises in advising NHS  doctors and surgeons on NHS pension, life insurance and protection for doctors and investment advice for doctors and surgeons can be difficult. Medics’ Money was built by doctors to help doctors […]

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Should I opt out and leave the NHS pension scheme?

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Here at Medics’ Money, we are aware of colleagues that opt out and leave the NHS pension scheme, often without being fully informed of the risks and benefits of doing so. Medics’ Money is run by doctors for doctors and we asked, Paul Gilman from specialist Independent Financial Advisers Legal and Medical to outline some things […]

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NHS Pension tax problem – do I need an accountant or IFA?

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Do I need an accountant or IFA to deal with NHS pension problems?  It’s the time of year when those little letters from NHS pensions are landing on doctors’ doormats. If you receive a letter, it probably says you exceeded the pensions annual allowance in the 2018/19 tax year, and it’s an indication that you […]

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NHS pension alternative options – ISA, VCT and childrens pensions

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With the seemingly ever-reducing lifetime and annual pension allowances, there has never been a more important time for doctors to look at alternative ways to save for retirement outside of the NHS Pension Scheme. Many of us are looking down the barrel of our ‘normal retirement age’ being 67. A chilling thought. One that drops […]

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NHS Pension statement and annual allowance tax charge

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The Annual Allowance Maze  You will have read numerous articles about the challenges posed by the Annual Allowance and specifically the introduction in the 2016/17 tax-year of tapering of this allowance.  As a reminder, the allowance can fall as low as £10,000 for Consultants and GPs with Threshold Income over £110,000 – this income includes […]

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Retirement planning

Planning for your retirement – we asked specialist medical Independent Financial adviser Darren Scott-Guinness from Dental and Medical Financial Services to give us a summary. You can contact Darren using Medics’ Money here for a free no obligation consultation including free calculation of your pension situation. First, you’ll need to think about what age you want to […]

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