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Great video - it would be great if you could do an update following changes to annual allowance changes please.

You're such a good teacher... You deliver on your promise, simplifying financial madness....

Do you have a video on the McCloud ruling? My TRS statement has changed and I think it might be to do with the McCloud ruling. I was in the 2008 scheme joined in 2009 then got moved to the 2015 scheme in 2015. Are you able to do a recording on what the TRS statement would like if affected by McCloud ruling. Thanking you in advance :)

Do we need or it’s a good idea to put workplace pension in the the trust all together with life insurance ? Thank you

So, from what i understand, members of 2015 scheme can get a lump sum of portion of their pension. My question is how is it calculated and would that lump sum be taxed?? Please and thank you

I'm part of the LGPS as I am a police staff member. Could you outline to me what is the benefit/drawback of combining 2 LGPS accounts?

Great information!

Hi Kozan, understood and great video, one quick question. At the beginning you stated that the NHS contributes 20.6% into the scheme however when doing your chart we accounted for the CPI and 1.5% and 1/54 but I didnt see you include the 20.6% contribution form the employer. Was that intentional? Am I missing something? Thanks

i started in NHS as doctor feb 2008, which scheme would i come under please

clear as mud

I did it all myself last year following RUclips video tutorials lol. Who needs to pay these days when the info is free

I have a question for my daughter. She has just started as an F1doctor in Wales. I have rouned her salary to £30,000. So for the first two years she will pay a pension contributions at 8.3%. So 30000x 0.083x 2 =4980. If she invests this at 5% for 44 years (age 68 minus aged24=44 years), this comes to £42,614.61. Her salary gives her a pension of approx £ This is calculated Year 1 30000/54=£555 Revaluation at the end of year one of 555x 5% = 27.75. Year 2 2% salary increase so based on £30600. (30600/54=566) Pension for these two years is 555+27.75+566.66=1149.41 So am I correct to compare a pension at 68 for life of £1149.41 with a lump sum of £42614.41 at the age of 68? Any comments would be helpful

Thank you for making sense of this headache for me :)

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Increasing tax rates are the reason I rolled over my 401k to a Roth. I don’t want to be 59 paying taxes on current income on withdrawals made from my retirement account.

Audrey Place

Verna Rest

How much cash can I gift to my daughter every year without tax

Any particular difference with scenario 1 and 2 on the spreadsheet, as I'm entering the same salary and it's giving me 2 differents number for pension contributions and take home pay. thanks!

Have you ever modelled salary sacrifice schemes effect on the NHS pension as its very common? Wondering about how to compare jam now with tax savings on car leasing vs jam tomorrow with pension losses

Great video! Cheers mate. This helped me a lot. Very straight forward.

Could I ask about those who have AVC contribution and whether or not they should take the money or leave it. Also what about the buy out clause and faster accruals?

Thank you for the clear and detailed explanation. Loved the mathematic breakdown

After a hard day searching for this info I found this excellent video - thank you soooooo much, perfect!

Hi I have just received my Pension Calculation, I have opted for partial retirement, my final salary is 24,417.00, I have been told my maximum lump sum is £27440.00 and my standard benefits are 13,058.00 - I do not feel this is correct

I left UK in june, how can I get my PAYE tax back ?

Can you please explain how it's a REMEDY please? The 1987 Police pension accrues at 1/60th for the first 20 years and then 2/60th for the last 10 years. The 2015 accrues at 1/55.3 through your career average. So anyone (like me) who has 20+ years in 2022 afyer the Legacy Remedy period will miss out significantly. Or am I missing something? Not to mention the Pension Trap and losses to be sustained due to this?!!! Appreciate any help or advice you can offer 😊

ok so, the max we can put in to your pension fund this year is 60K so is that 60K out of your own money (contributions) or your own money plus what your company puts in as well? so say if I put in 10K my company puts in 5K that would leave an extra 45K I can put in? thank you,

Thanks for the video, extremely helpful. Just wondering how the calculations would be affected if one was to leave policing early. For example, after 10 years. Would we just input the annual pension entitlement from year 10 in to year 11 and just add the pension revalutaed figure only from year 11 till the age of 60?

I worked in the nhs and came out at 60yrs old. As mentioned in my previous comment, I am hoping it is all safely held for me. You mentioned you should get a yearly statement? I have never once had statement come to me unless I chase one up..by post, it eventually comes. Am I missing something, are they sent out automatically? Maybe it’s because I left the nhs. I am almost64. Thank you

Thank you, for so much help. My little brain holds a certain amount, then, I lose my concentration. Kind of why I left the nhs..burn out! Question, if possible please respond, I left nhs when I was 60, I am coming up to 64, I have some in the 2008 and some in 2015. I am assuming it is all just frozen and held for me..safely! I will take the 2008 at 65 and 2015 at 66yrs 6 months, my state pension age. Is any of it going up in value anywhere..whilst it’s being held for me?! Or did it all literally just freeze. Thank you.

Thanks for such as clear explainer. Just to clarify, for method A where you can expenses include the entire portion of utility bills and council tax? and would it include things like a new kettle or washing machine. I understand that we can also use this for air bnb - so temporary lodgers?

Time to start considering putting our money into offshore accounts just like what some MPs and members of the House of Lords are already doing with the Labour Party going all out to screw over British subjects whilst they have shelved their idea of going after the non-doms because if they did all would go to live in any of the other many houses that they have in other countries

Another great video thanks , what a shame the nhs pension advisors for the ambulance service don’t know or won’t give this information to their employees

I would have liked to see more detail on how to claim the EIS relief on a self assessment tax form

Lavern Wells

Hi. I have an nhs pension but for less than 2 years and i want to transfer it to hscni which is basically the nhs of northern ireland. What would be the difference in me claiming a refund vs transferring.

Hi Financial Madness, I have a few questions concerning ERRBO and additional pension payments. If I were to do the ERRBO to 65 for retirement, are the full additional pension payments included in that? Can you reduce your hours to part time say at aged 62 and still receive full pension when I reach 65 with the full additional payments? If I were to just opt for additional payments, how much should I purchase? Thanks and great vid.

This predates the mcloud judgement?

Really useful

Had no idea about this. Very talented teacher. Thanks.

So nice to have a normal person explain financial jargon

Like 😊

Very clear intro thanks

Hi is it worth securing a whole life cover now while im 24m to lock in really cheap premium rates?

Amazing video! Explained thoroughly from the basics all the way to the details.

Excellent, thank you!

I don't want to know how to calculate it if I have your spread sheet. I want to know how to calculate it because i have the formula.

This is a very useful video and clear. Thank you.

You should really have clarified this doesn't apply to Scotland.