Q. I’m aware that the government have promised to pay any Annual Allowance tax charges incurred during tax year 19/20. I’ve not received my Annual Allowance figures for 19/20 yet, so what shall I do now as I’m not sure if I’ll have exceeded the allowance and therefore have any tax charges due? A. The […]
As life expectancy has increased over the last few decades, so has the headaches for the government with respect to public sector pension schemes. The first step the government took to try and address this was in 2008 (re the NHS Pension) with the ‘choices’ exercise, where 1995 scheme members were offered the option of […]
Pensions Savings Statements are prompting enquiries on annual allowance charges. Here’s a reminder of the special provisions that apply in respect of annual allowance charges of NHS clinicians in England and Wales for the 2019/20 tax year. Many clients working in the NHS will have recently received Pensions Savings Statements for tax year 2019/20 which […]
Q. As a Consultant doctor approaching age 54, I am worried about the impact on my NHS pension of the new taxes that is all the talk of my colleagues. I am told that I will fall foul of the Annual Allowance next year if my pay increase happens, and I will also exceed the […]
The NHS pension scheme has made a change to the scheme rules to permit voluntary scheme pays. A pension scheme must offer mandatory scheme pays as a mechanism to pay the annual allowance charge if the member has contributed in excess of the standard annual allowance and their annual allowance liability is more than £2,000. […]
NHS Pension·
Q&A·
Tax · 26th December 2017
Q. As a Consultant who has had to opt out of the NHS Pension Scheme in my mid 50s, I hear rumours that this tax may be scrapped. Is there any sign of this? A. No, we don’t see any sign that this tax will be scrapped. In fact, HMRC are collecting record amounts of this […]
So you want to know the 7 mistakes dentists make after retirement? Before I go into them there’s something you need to know (and I’m sure you’ll be seeing this amongst your peers)… more and more dentists in the UK are retiring before the age of 60! The reason? Since the further reduction to the […]
NHS Pension·
Pensions·
Q&A · 5th February 2017
Q. I am a Consultant Doctor in my early 50s and have been in the NHS Pension Scheme since age 23. My 30 years or so service has given me a decent NHS Pension projection, and this was something I was banking on (as well as a personal pension fund my accountant suggested when I started […]
NHS Pension·
Q&A · 12th January 2017
Q. I’m a Principal dentist aged 54 and have recently reduced my NHS Pensionable income from £100,000 pa to £30,000. A colleague has told me that the lump sum paid on death is 2 x pensionable income, so I’m a little concerned that my wife would only receive £60,000, instead of £200,000. Can you provide me with any guidance? […]