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.
Such a good video and so interesting hearing the different views re investing/pension. Would love a part 2 with this guy! Like you've mentioned in a comment below, the absolute incompetence of PCSE massively puts people off staying in the NHS pension. I know plenty that have now left completely and fully invest in a SIPP rather than having a mixture of both. It's impossible to get info on your NHS pension growth, purely because it takes PCSE about 12 years to update NHS BSA, then you risk going over your annual allowance if you want to invest in a SIPP. I'm now wondering whether it's worth putting voluntary contributions into the NHS pension rather than a SIPP? Would be great to hear more!
I agree, really interesting episode. I would like to see more on the NHS pension and why people are leaving, how safe it is for doctors in 35-50 age bracket, and what other options we have. When bitcoin ETFs hit the UK, would Tommy be allocating a percentage of his portfolio to this? More episodes like this 👍
Thanks for the excellent podcasts and RUclips channel. I recognise the huge benefits of the NHS pension and I am all in with it but one thing that does make me question this (and that would be good to see addressed by Medics Money) is that, unlike a defined contribution pension, you have nothing to pass on to your children (except potentially for the lump sum). This is fine if you live into your 90s but having had family and friends develop terminal illnesses soon after retirement, I do wonder whether it would be more beneficial to my family for some of my contributions to go into a SIPP if I were not to live long after retirement. On a related note, is it possible to either put some of the employer contributions into a private pension instead of the NHS pension or to put some of the employee contributions into a private pension but still receive the full employer contributions?
FACT: marginal rate tax relief on pension contributions (i.e. up to 45%), you can also access pension from 57. Bitcoin is funded from post-tax income and is subject to CGT on gains: apples and oranges, one cannot make a reasoned argument on this subject matter.
Thank you. Please can you do a video comparing the NHS pension (as a GP Partner) vs a SIPP. I am able to reduce my earnings below thresholds more accurately with a SIPP than a NHS pension. I am a GP partner not in the NHS pension scheme but do contribute to a SIPP. Please also include benefits after RIP as SIPPs are advantages as they are outside of estates. Thanks
My initial question would be why are you not in the NHS Pension? And was that decision made with full understanding of the facts/expert financial advice? The NHS Pension has its problems, especially for GPs getting accurate data from PCSE. But theres very few scenarios where a SIPP > NHS Pension. A SIPP AND an NHS Pension can make a lot of sense for some people DYOR not advice. Benefits of NHS Pension on RIP here www.medicsmoney.co.uk/nhs-pension-ill-health-death-in-service/ Hope that helps?
Its very informative and nice video about Investment. I was wondering if I can help you edit your video and also make highly engaging shorts out of them.
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.
Such a good video and so interesting hearing the different views re investing/pension. Would love a part 2 with this guy!
Like you've mentioned in a comment below, the absolute incompetence of PCSE massively puts people off staying in the NHS pension. I know plenty that have now left completely and fully invest in a SIPP rather than having a mixture of both. It's impossible to get info on your NHS pension growth, purely because it takes PCSE about 12 years to update NHS BSA, then you risk going over your annual allowance if you want to invest in a SIPP. I'm now wondering whether it's worth putting voluntary contributions into the NHS pension rather than a SIPP? Would be great to hear more!
I agree, really interesting episode. I would like to see more on the NHS pension and why people are leaving, how safe it is for doctors in 35-50 age bracket, and what other options we have. When bitcoin ETFs hit the UK, would Tommy be allocating a percentage of his portfolio to this? More episodes like this 👍
Abdullah we miss you in ENT 😄. Thanks guys for a great episode.
❤️Joe - your instagram is 🔥🔥🔥
Taught me everything I know 😂
What do you think: is it better to buy additional pension within the NHS scheme, or open a SIPP account?
Thanks for the excellent podcasts and RUclips channel. I recognise the huge benefits of the NHS pension and I am all in with it but one thing that does make me question this (and that would be good to see addressed by Medics Money) is that, unlike a defined contribution pension, you have nothing to pass on to your children (except potentially for the lump sum). This is fine if you live into your 90s but having had family and friends develop terminal illnesses soon after retirement, I do wonder whether it would be more beneficial to my family for some of my contributions to go into a SIPP if I were not to live long after retirement. On a related note, is it possible to either put some of the employer contributions into a private pension instead of the NHS pension or to put some of the employee contributions into a private pension but still receive the full employer contributions?
FACT: marginal rate tax relief on pension contributions (i.e. up to 45%), you can also access pension from 57. Bitcoin is funded from post-tax income and is subject to CGT on gains: apples and oranges, one cannot make a reasoned argument on this subject matter.
That's a really good point. They are very different propositions. You can't go all in on either.
Thank you. Please can you do a video comparing the NHS pension (as a GP Partner) vs a SIPP. I am able to reduce my earnings below thresholds more accurately with a SIPP than a NHS pension. I am a GP partner not in the NHS pension scheme but do contribute to a SIPP. Please also include benefits after RIP as SIPPs are advantages as they are outside of estates. Thanks
My initial question would be why are you not in the NHS Pension?
And was that decision made with full understanding of the facts/expert financial advice?
The NHS Pension has its problems, especially for GPs getting accurate data from PCSE.
But theres very few scenarios where a SIPP > NHS Pension.
A SIPP AND an NHS Pension can make a lot of sense for some people DYOR not advice.
Benefits of NHS Pension on RIP here www.medicsmoney.co.uk/nhs-pension-ill-health-death-in-service/
Hope that helps?
Yes, this would be very helpful as I am about to be a GP partner.
Another one that would be great is a worked example of someone considering ERRBO versus using that money in a SIPP or LISA / ISA
♾/21M
Its very informative and nice video about Investment.
I was wondering if I can help you edit your video and also make highly engaging shorts out of them.
Abdullah we miss you in ENT! 😄 Thanks guys for a great episode.