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/
These videos are always excellent and you guys are a godsend, but does anyone else often have a problem with the audio or is it just me? It's been a few videos now, Tom is always extremely clear and easy to hear but the other person is often difficult to hear. I'm basically doing a DJ set on my desktop moving the volume up and down to make sure I can hear the guest but also not bursting my eardrums when it's Tom's turn to speak 😅
Good feedback - appreciated. Looking at fixing it and re-uploading now. For now, crossfade in Tommys audio and set to 120 BPM trance beat and it's a BANGER?! 🙌🙌🙌🙌🙌🙌
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
many thanks for this excellent talk, it seems massively important psychologically to have control over future retirement for when the time comes. another scenario I've considered is retiring from NHS at maybe 58-60 then working in something less demanding than medicine but delay taking NHS pension until total retirement. This would presumably avoid pension reductions but I think there is loss of other types of service benefit from doing this
Great video !- please can you in the future do a video on the pros and and cons of buying additional pension and ERBO? E.g what happens to these extra benefits you have purchased if you want to retire a few years earlier before state pension age. It would also be good to give an idea on how likely one would exceed the annual Pension allowance for a consultant on standard 10PA job progressing through the years . Thanks 🙏
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?
It’s not a great deal at all. The NHS retirement age is 67 but they’re looking at increasing it to 71. That being said!! Thank you so much for this content!!! You are a legend!!!
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?
Yes we have somewhere but I can’t find it! It’s complex and depends on section of pension and timings. We don’t like cars (liabilities) and we do like pension’s (assets) so 🤷♂️
Sorry we don’t offer individual advice but Andy and all the experts are helping hundreds of doctors understand and manage their finances here www.medicsmoney.co.uk/medics-money-financial-wellbeing-course/
Thanks very much. Spreadsheet is part of our course www.medicsmoney.co.uk/medics-money-financial-wellbeing-course/ but the actuarial reductions table is available on NHS website.
Great video. Thanks as always. Can I ask about the additional pension purchase ? I hadn’t heard of this before and it looks like a great option. But are there annual allowance tax implications ? I’m thinking for example if I purchase an additional £8000 of annual pension (which presumably revalues year on year in addition to the rest of my 2015 pension?) - while I get tax relief on the contributions towards this, does the sudden growth in my pension value mean I’ll be stung for a huge annual allowance tax bill ? (I’m a consultant in wales so we’ve just had a bit of a pay rise after industrial action too - hence wanting to not shoot myself in the foot here !) Appreciate individual circumstances and individual advice. But I wondered in general terms - presumably buying an extra £8k of annual pension would have some implications for pension value calculations (and thus annual allowance ?) Thanks as always.
I may have found part of the answer to my own question ! I found something on the NHSBSA website that says the additional pension is added in the year it’s purchased. So if I bought £8k as a one off lump sum, it would be £8000 x 16 of growth for that year. But if I buy it in instalments then it’s pro-rata’d growth over the period of instalments ? So in that same example if I bought £8000 over 8 years, am I correct that this would mean £1000 per year of additional pension value growth ? (So £1000 x 16 = £16k toward my annual allowance contributions for that 8 year period ?) Sorry - this stuff makes my head hurt but you guys make it make sense :) Thanks again.
Thanks very much. Spreadsheet is part of our course www.medicsmoney.co.uk/medics-money-financial-wellbeing-course/ but the actuarial reductions table is available on NHS website.
As the 1995 scheme is a final salary scheme- and you can no longer contribute to it- will your pension be based on the final salary paid into the scheme or your final salary on retirement?
As a non medical NHS worker, my pensionable pay is way below your figures. Plus I want to retire at 62. Based on that spreadsheet, I am looking at less than 15k per year NHS pension 😢. Wife, also an NHS worker maybe getting just over 16k. All reductions have been applied. Need to think of another income before 68 or 71 😮
@@MedicsMoney thanks, i have been following the channel for a while. but i sometimes cannot relate due to the different nhs jobs we do. the figures already projected income until 62. state pension kicks in at 68. another income will need to come in before state pension. or we can go and live in a ‘cheap’ country….
As the 1995 scheme is a final salary scheme- and you can no longer contribute to it- will your pension be based on the final salary paid into the scheme or your final salary on retirement?
@@MH-we1ew my wife only have a value of her 1995 pension but i think she combined it with 2008. not sure what it amounts to. i only have 2008 and 2015.
I have retired and returned and paying now into 2015 pension I am working 0.5FTE. If I work only 6 years total I’ll only get 3 years pension…. Is it worth it. Do I get the employer contributions if I retire fully at 64?
You mean can you retire, live off savings for a few years, and then take pension, thus avoiding the actuarial reduction? I belive that's a solid yes, but your pot will have less in it.
Thank you but I am still unsure in your video my wife could buy £2000 pension when she is 71(68) with a £23k lump sum.. But if she dies before it suggests 2 times the pension so I would get £4k. Is this right?
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/
These videos are always excellent and you guys are a godsend, but does anyone else often have a problem with the audio or is it just me?
It's been a few videos now, Tom is always extremely clear and easy to hear but the other person is often difficult to hear. I'm basically doing a DJ set on my desktop moving the volume up and down to make sure I can hear the guest but also not bursting my eardrums when it's Tom's turn to speak 😅
Good feedback - appreciated. Looking at fixing it and re-uploading now. For now, crossfade in Tommys audio and set to 120 BPM trance beat and it's a BANGER?! 🙌🙌🙌🙌🙌🙌
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
many thanks for this excellent talk, it seems massively important psychologically to have control over future retirement for when the time comes. another scenario I've considered is retiring from NHS at maybe 58-60 then working in something less demanding than medicine but delay taking NHS pension until total retirement. This would presumably avoid pension reductions but I think there is loss of other types of service benefit from doing this
Great video !- please can you in the future do a video on the pros and and cons of buying additional pension and ERBO? E.g what happens to these extra benefits you have purchased if you want to retire a few years earlier before state pension age. It would also be good to give an idea on how likely one would exceed the annual
Pension allowance for a consultant on standard 10PA job progressing through the years . Thanks 🙏
Annual Allowance live webinar coming up in the next month. Details on our email list www.medicsmoney.co.uk/join-medics-money/
Thank you for sharing this. I found this ever so helpful and I have since subscribed 😊
Awesome! Thank you!
Wondering if this Excel sheet is available to use. Thanks for the great effort abd amazing work
The excel sheet is part of this www.medicsmoney.co.uk/medics-money-financial-wellbeing-course/
I was hoping it was available on the website or something too.. never mind.
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?
It’s not a great deal at all.
The NHS retirement age is 67 but they’re looking at increasing it to 71. That being said!! Thank you so much for this content!!! You are a legend!!!
Thanks Abdul ❤️We have a great team at Medics Money helping doctors get the accurate information they need to make better financial decisions.
Great video and very informative. You didn't mention the lump sum as a simple way of plugging the 5 year gap.
👍although lump sum comes at the cost of commutation for 08 and 15 sections.
@MedicsMoney Yep , just a thought really.
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?
Yes we have somewhere but I can’t find it! It’s complex and depends on section of pension and timings. We don’t like cars (liabilities) and we do like pension’s (assets) so 🤷♂️
What an incredibly useful video. Many thanks for this.
You're very welcome!
Is Andy presently offering financial advice / help with modelling etc ?
Sorry we don’t offer individual advice but Andy and all the experts are helping hundreds of doctors understand and manage their finances here www.medicsmoney.co.uk/medics-money-financial-wellbeing-course/
Great Video, very informative. Thanks. I can't seem to see the link to the spreadsheet. Can you send it to me please
Thanks very much. Spreadsheet is part of our course www.medicsmoney.co.uk/medics-money-financial-wellbeing-course/ but the actuarial reductions table is available on NHS website.
Great video. Thanks as always.
Can I ask about the additional pension purchase ? I hadn’t heard of this before and it looks like a great option.
But are there annual allowance tax implications ?
I’m thinking for example if I purchase an additional £8000 of annual pension (which presumably revalues year on year in addition to the rest of my 2015 pension?) - while I get tax relief on the contributions towards this, does the sudden growth in my pension value mean I’ll be stung for a huge annual allowance tax bill ?
(I’m a consultant in wales so we’ve just had a bit of a pay rise after industrial action too - hence wanting to not shoot myself in the foot here !)
Appreciate individual circumstances and individual advice. But I wondered in general terms - presumably buying an extra £8k of annual pension would have some implications for pension value calculations (and thus annual allowance ?)
Thanks as always.
I may have found part of the answer to my own question ! I found something on the NHSBSA website that says the additional pension is added in the year it’s purchased. So if I bought £8k as a one off lump sum, it would be £8000 x 16 of growth for that year.
But if I buy it in instalments then it’s pro-rata’d growth over the period of instalments ? So in that same example if I bought £8000 over 8 years, am I correct that this would mean £1000 per year of additional pension value growth ? (So £1000 x 16 = £16k toward my annual allowance contributions for that 8 year period ?)
Sorry - this stuff makes my head hurt but you guys make it make sense :)
Thanks again.
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
Thank you. Very informative
Glad it was helpful. Important to realise this earlier rather than later so you can implement some escape plans.
Great video. Can you provide a link for the calculator you used for different early retirement scenarios please?
Thanks very much. Spreadsheet is part of our course www.medicsmoney.co.uk/medics-money-financial-wellbeing-course/ but the actuarial reductions table is available on NHS website.
As the 1995 scheme is a final salary scheme- and you can no longer contribute to it- will your pension be based on the final salary paid into the scheme or your final salary on retirement?
On retirement
As a non medical NHS worker, my pensionable pay is way below your figures. Plus I want to retire at 62. Based on that spreadsheet, I am looking at less than 15k per year NHS pension 😢. Wife, also an NHS worker maybe getting just over 16k. All reductions have been applied. Need to think of another income before 68 or 71 😮
So glad this helped you. Don’t forget state pension as well. But also depending on your age😮plenty of time to top up if possible?
@@MedicsMoney thanks, i have been following the channel for a while. but i sometimes cannot relate due to the different nhs jobs we do. the figures already projected income until 62. state pension kicks in at 68. another income will need to come in before state pension. or we can go and live in a ‘cheap’ country….
As the 1995 scheme is a final salary scheme- and you can no longer contribute to it- will your pension be based on the final salary paid into the scheme or your final salary on retirement?
@@MH-we1ew my wife only have a value of her 1995 pension but i think she combined it with 2008. not sure what it amounts to. i only have 2008 and 2015.
Is paying off your mortgage or overpaying too obvious a part of retirement planning to mention?
Important video. Thank you.
Thanks very much.
I have retired and returned and paying now into 2015 pension I am working 0.5FTE. If I work only 6 years total I’ll only get 3 years pension…. Is it worth it. Do I get the employer contributions if I retire fully at 64?
What if you retire early but don’t draw your pension until state pension age? Thanks
This www.nhsbsa.nhs.uk/sites/default/files/2019-08/Early%20Retirement%20factsheet%20%2805.2017%29%20V3.pdf
@@MedicsMoney I don't think the link answers @lovingit824'a question. I am keen to know the answer.
You mean can you retire, live off savings for a few years, and then take pension, thus avoiding the actuarial reduction?
I belive that's a solid yes, but your pot will have less in it.
Nice Lego Shuttle :)
Thanks!
As a cleaning staff in mhs on a 15 hours a week contract after 2 years severe at 65 can i take my nhs pension from NHS how much will i get
This will help you www.nhsbsa.nhs.uk/member-hub/my-nhs-pension
When my wife buy's an additional pension what happens if she dies before 68 and has stopped working
www.nhsbsa.nhs.uk/pensioner-hub/bereavement/what-happens-your-pension-when-you-die
Thank you but I am still unsure in your video my wife could buy £2000 pension when she is 71(68) with a £23k lump sum..
But if she dies before it suggests 2 times the pension so I would get £4k.
Is this right?