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Inspiring talk. We must all take collective action. I’ll be speaking to my fellow partners to upscale action.

Hi Tommy, great talk as always. I have watched your other videos on pensions as well which have really helped. My query is how can you find out how much annual allowance is left for the current year in March? I can't find my total rewards statement in neither myesr nor mynhspensions. I have tried using the hmrc pension allowance calculator but without actually knowing what I have paid in the pension it is just approximate. Please can you guide to a place where I can find how much allowance is left during any financial year, many thanks Ashish

Excellent work guys. Good explanation

Joined nhs 2015 scheme in 2022 if, i retire at the age of 55 how much pension will i be able to get as a lump sum. And every month after retirement

Hi, great content, Appreciate what you are doing to educate the medics. Could you please mention the name of the platform for JISA in the comment section. Didn't want to guess. thanks

I have really enjoyed this discussion. I definitely would like more “chats “ by you all.

GP Partner here. All in on Bitcoin (100% of my investment portfolio since 2018) Contributing to the NHS Pension though for now despite being just as aware of the good doctor on Pensions being Ponzi schemes. Bitcoin is the hardest money ever created. Period.

Here’s what I really struggle with. And this is through perhaps being too financially literate. Govt backed pension schemes are by definition Ponzi schemes. The people who are receiving their pension today are receiving the money from people who are contributing today - the money they contributed was used to pay those receiving their pensions at the time and so on. All it takes is one generational shift of younger people not contributing for a huge financial crisis that will lead to governments taxing everyone into oblivion to meet their unfunded liabilities (one of them being pensions). The current inflationary trend of the last 3-4 years will only get worse. Money has lost 67% of its purchasing power since 1990 - an NHS pension of £80,000 a year (including the CPI + 1.5% uplift) is actually worth £25,680 in todays purchasing power. Do you now understand why there are so many stories of pensioners saying ‘I worked so hard and thought my pension would cover this, now I have to go back to work’? You are promised £80k nominally and you think that sounds great then you actually realise you cannot buy what 80k got you 25-30 years ago when you started buying in. This is the unspoken truth. When faced with any decision the govt will chose to debase the currency in order to nominally pay liabilities in a currency that’s becoming worth less and less. The question is how you beat the trap of inflation. Lots of food for thought for anyone who looks at this with a fine toothed comb.

Hello Sir, Are you looking for a professional youtube thumbnail designer?

This was really useful. However to let you know, I tried to like it but it wouldn't acknowledge my 'like'. Maybe you need to adjust something

Thanks for this team! The NHS has just released a consultation for the public and staff to submit their ideas to improve the NHS (change.nhs.uk). I wonder if you might do a podcast/video to talk about your ideas to improve personal finances for doctors? I imagine you with all your listeners/viewers, if you encourage people to vote on your ideas, they could get a lot of traction! Some ideas from me include free parking, student loan forgiveness following a period of continuous NHS service, stop locking doctors out of ESR when we move trusts, free exams (first attempt when its compulsory for progression) etc! Many thanks

A clearer explanation here than anything else that I have seen or read on this so far. Many thanks

I’m a GP Partner… haven’t had brown letter yet, but practice accountants seem to think I will have a £20000 charge… can I appeal this? As I had no opportunity to come out of pension scheme transiently to avoid the charges

Please can you also discuss military doctors in these videos? Mil doctors are similar to the NHS for tax pensions but not exactly the same

Thanks for all of this. Will we still be allowed to apply for scheme pays if never done before?

Is paying off your mortgage or overpaying too obvious a part of retirement planning to mention?

The timestamps on the sections seem to be wrong.

Thanks guys very useful for me who is in the early stages of their career. I am interested in the pension top ups…the value of the nhs pensions feels like it lies and the employer contributions; do they contribute the same percentage in a top up scheme. Thanks

The uk tax system is designed to keep you in the normal. Everyone will fall into a bell-shaped curve unless your supper wealthy, the lower tax bracket, pay less tax, have access to more government benefits. The higher tax bracket will pay more tax, due high income, thus not having access to government benefits, i think the best situation is to stay under the 100k, proving the point mentioned in the video that these tax bracket are encouraging people to work less then 100k / not working harder. Why would anyone work really hard (over 100k ) if they know that their pay slashed in half, personal i would take that time off and relax 😌

Great video- very informative thanks! I’d be interested to learn more about the compensation. Due my to poor understanding of AA charges I left the pension scheme early in 22/23. After hearing one of your excellent podcasts I learned I could pay my AA charges from my existing SIPP, so I employed the services of one of your brilliant recommended advisers. After they did a full review of my situation (which they had to do before they were able to give any advice) I did pay their fees and my AA charges from the SIPP. Will the compensation scheme allow me to top up my 22/23 year (it sounds like it only covers the years of the remedial period, not after) and also to claim the £3-4K that I had incurred in professional fees purely due to the pension issues? Is there any possibility of compensation for unnecessarily (with hindsight) raiding my SIPP, as it looks like I may get a refund for much of what I paid in AA charges from my SIPP anyway 🤦‍♂️ Thanks again for everything 👍👍👍

Wife's letter has arrived, but not my own yet. She wont be affected by tax charges as only part time but some of the new figures seem very discrepant from old figures. e.g. 2020-21 old pension input amount £15k, new pension input amount £0; 2018-19 old pension input amount £21k, new pension input amount £656. Are these discrepancies to be expected or is it going to be more tedious back an forth with PCSE trying to clarify the figures?

So F1 starters July 2012 not effected?

Thank you so much for this video

Can you please make video to explain how to calculate annual and remaining allowance after contributions to nhs pension. This is check if someone had remaining allowance to contribute to SIPP Thank you

Hi, I'm in the 1995 and 2015 pensions, if I retired at 65, could I take my 1995 pension then but defer taking my 2015 pension until I was 68 and would that avoid penalties?

Because you are a long term invester. You take the dip and the peak and stay invested.

Thank you for this video. If I pay into a junior SIPP for my child can I then claim the higher tax relief back in my self assessment and will this help to lower my taxable income? Thank you.

Hmm, interesting video. If a bit vague. How easy is it to detemine whether something is “Branded” or not? And are we talking equities or pension funds here? I appreciate the video by the way. Using two examples, my Pension is invested into Vanguards US equities fund (Sedol B5B71Q7). This is a passive fund (AFAIK) and its 10 year performance is 312% with an annual on going cost of 0.10%. My sons pension is invested in Fidelities Global technology fund (Sedol BJVDZ16) and it’s 10 year performance is 705%! Over twice as much. It’s ongoing charge is 1.04%. This is an actively managed fund I believe. Yes its ten times more expensive but the fact it’s grown twice as much as my other fund, would the management cost not be worth it? I appreciate they’re different funds so we’re comparing apples & pears but does it not highlight that if you’re invested in a good managed fund that performs very well long term, the returns outweigh the costs significantly AND out performs many other leading passive investment funds. Trick is finding the right fund I guess! 🧞‍♀️😂

On average how many years of consultant working gets you into this situation of pension tax ?

Want to improve your finances fast? Join us here www.medicsmoney.co.uk/medics-money-financial-wellbeing-course/ Want a free assessment of your finances? Click here medics-hnz5twj1.scoreapp.com Want the latest financial tips for doctors and exclusive invites? Join 56,000 doctors here www.medicsmoney.co.uk/join-medics-money/

Want to improve your finances fast? Join us here www.medicsmoney.co.uk/medics-money-financial-wellbeing-course/ Want a free assessment of your finances? Click here medics-hnz5twj1.scoreapp.com Want the latest financial tips for doctors and exclusive invites? Join 56,000 doctors here www.medicsmoney.co.uk/join-medics-money/

Want to improve your finances fast? Join us here www.medicsmoney.co.uk/medics-money-financial-wellbeing-course/ Want a free assessment of your finances? Click here medics-hnz5twj1.scoreapp.com Want the latest financial tips for doctors and exclusive invites? Join 56,000 doctors here www.medicsmoney.co.uk/join-medics-money/

Want to improve your finances fast? Join us here www.medicsmoney.co.uk/medics-money-financial-wellbeing-course/ Want a free assessment of your finances? Click here medics-hnz5twj1.scoreapp.com Want the latest financial tips for doctors and exclusive invites? Join 56,000 doctors here www.medicsmoney.co.uk/join-medics-money/

Want to improve your finances fast? Join us here www.medicsmoney.co.uk/medics-money-financial-wellbeing-course/ Want a free assessment of your finances? Click here medics-hnz5twj1.scoreapp.com Want the latest financial tips for doctors and exclusive invites? Join 56,000 doctors here www.medicsmoney.co.uk/join-medics-money/

Want to improve your finances fast? Join us here www.medicsmoney.co.uk/medics-money-financial-wellbeing-course/ Want a free assessment of your finances? Click here medics-hnz5twj1.scoreapp.com Want the latest financial tips for doctors and exclusive invites? Join 56,000 doctors here www.medicsmoney.co.uk/join-medics-money/

More left wing nonsense , politics of envy. What an idiot, £9 billion of the so called black hole was made by there treble inflation pay rises to the public sector, and ALL the finances were given to LIE bour before the election. Right wing press 😂 there is none left in the UK, take the BBC which is just a left wing propaganda channel.

Ask your self this:- Debt is RISK Debt prevents full focus on saving. The largest debt you will have in life is a mortgage. Interest on Debt cripples Paying off Debt gives you clarity on: 1. When you will be debt free. (you can calculate this easily) you cannot calculate when a mortgage is paid off if you are not paying down the principle + interest. Making assumtion: Making an assumption on investing over 40 years that the mortgage will be paid off. THAT IS A GAMBLE. Like most gambling. Some win some lose! Its not a given. I have seen many people nearing retirement to find out that they have not managed to pay their mortgage off. Having no debt provides independence. Having no reliance on anyone is an extremely good feeling and reduces alot of stress in your life. Having no debt helps self actualization. I paid my mortgage off with over paying twice. I then purchased a 2nd property and paid that off in record time. I now have a rental income that make me 8% on the original principle. I now save and fill bonds to get 4% return. I have the freedom to also get stock and shares and fill ISAs without being worried about the S&P crashing. THAT is the difference Life is random and curve balls can hit you at any stage. Having the ability to control and reduce risk is a nil brainer in my opinion.

Like the double bluff prediction

I live in Spain, free health system, our King Felipe says we all have the right to invest in the bank of Spain 🇪🇸 for €40 have joined the scheme for a one off payment of €1,500 will have an annual payment of €140,000 , good yes ? All university places are free & the discoveries made are fantastic , students from Elche University have discovered a compound in the salt lakes of Santa Pola successful I treatment of breast cancer , to us in Spain a $ 10 million diamond is worthless our children's lives & Education more important , not only is Spain the largest producer of fine wines in the world but considered the most highly Educated nation in Europe

Their 22 billion blackhole is called carbon capture. Kid Kweir and the Granny Snatchers are accelerating agenda 2030 net zero which is nothing more than a front for a 1984, Logan's Run, Internet Zero Point society. If tax does not go into improving lives and society short and long term then it is nothing more than mafia protection money. Our money is stolen then squandered and laundered, landing on the politicians and their friends' broadest shoulders. Just about every law goes against people's well being and will. I give them zero content to do this. Every few years they crash the economy and it never fully recovers. It is like going down the stairs into a poverty abyss that has been visibly destroying our society since 1980 at the least.

At what point does a government realise that relentlessly increasing the tax take is far less effective than searching for efficiencies and savings in public sector services? This country has gone to the dogs.

Such a well timed and helpful podcast. Myself and a lot of my GP colleagues have been mildly panicking about this budget, particularly those of us who are in limited companies. I guess the worry is dividend tax increasing making it even more difficult to take money out of a company. That coupled with rising living costs and GP work drying up across the country.... let's just say the angst levels are at an all time high 🙂

What are your thoughts on ethical investing? Do you think the things you talk about in the video apply here too? Is it possible to invest and avoid things like tobacco, fossil fuels etc and still make decent returns?

Dr Ed Cantelo. Looking fit and healthy sir! Investing in your health as well as your finances. Keep it up 👍

My offset mortgage allowed me to increase the mortgage due to the increase in equity as want to do an extension. I changed my mind and used the equity for deposit to buy another house ( a little cheeky). Changed to repayment when interest rates low. Going to look at BTL at renewal. Higher rate tax payers would benefit more.

Have you ever covered how a salary sacrifice scheme eg for a company car lease would effect your pension? Would be super useful, very common to do in the NHS but less salary is less pension and employer contribution and less pension growth over time. How do i balance jam tomorrow (pension) vs tax savings now?

Great content

When you talk about investment, would you mainly invest into an ISA account? I mean for your monthly investments in your funds.

Nice Lego Shuttle :)

Another cracking video! Dennis gives further insights into what individuals should be considering for their own longterm financial plan in his Century Plan podcast. Is there any scope to have a video / pod episode on a "beginners guide to planning / basics of cash flow modelling", please?