Q. I wanted to know if tax relief is available when additional pension is bought from the NHS scheme as it is when putting money into a personal pension. I have a children only dental contract and do not make the same contributions as I did when I fully worked as an NHS dentist. I am not [...]
Holidays & Snippets of News
September 25, 2009 By
I hope those of you who have been away recently on holiday had a really good break. Recharging the batteries is so important, and I know in August many clients arrange it so they can get away and enjoy some family time. We did our usual jaunt to Saundersfoot in South West Wales, and had [...]
NHS Pensions Added Years- How To Purchase – Hot Topics Q&A
September 8, 2009 By
Q. I’m aware that I’m not going to accrue the full 40 years in the NHS Pension Superannuation Scheme as I did not qualify until I was aged 25. I’ve heard about buying ‘added years’. Can you tell me how to go about this? A. Until April 2008, buying added years was available. Many people [...]
NHS Pension Choices – The Key Factors
July 10, 2009 By
If you are a member of the NHS pension scheme, you will soon be asked to make a very important decision. That is, should you remain in the current version of the scheme (applies if you were a member pre-April 2008) or should you transfer to the new version (post-April 2008). To help, the NHS [...]
Income Tax Rises 2010 – Will You Be Affected?
June 11, 2009 By
Large rises in income tax are due to take effect from next April for people earning over £100,000. New rates of tax were announced by the Government in the recent budget and they are going to hit many of our clients hard! This is because our clients tend to be higher earners, with many in [...]
New NHS Benefits – It’s All Ended In Tiers
April 7, 2009 By
There have been many changes in overall pension rules by the government, and we have discussed in Financial Tips how this has affected the NHS Pension Scheme in previous articles such as the Lifetime Allowance. Other NHS rule changes might not be so obvious, but for the unfortunate few who fall ill, have a serious [...]
NHS Pension Scheme Contribution Percentages – Hot Topics Q & A
March 17, 2009 By
Q. I am a Consultant age 57, and have decided to go part time next month. Looking at all the implications am I right to say that although my pay will be greatly reduced, I will still pay NHS Pension contributions based on my Whole Time Equivalent income? A. You have obviously done your homework. Yes [...]
Sell Dental Practice Now or Later? – Hot Topics Q & A
February 27, 2009 By
This week’s Q&A is more in depth than usual and follows a ‘conversation’ style. Q. I guess something I have been considering is my retirement from general dental practice at age 58-60 while I still enjoy it and before my health suffers. I am currently 52 (53 in May) and in good health. I will have an [...]
New NHS Pension Choice At Retirement – More Pension or More Cash?
February 11, 2009 By
In the past when it came to how the NHS paid your pension, it was very simple. You had a pension based on the number of years’ service in the Scheme, your income, and whether you had purchased added years. You also received a tax free lump sum of three times that pension (although GMPs [...]
NHS Superannuation Pension – Should I Take It Early? – Hot Topics Q & A
December 28, 2008 By
Q. I’m a 57 year old dentist and am planning to retire when I’m 58. Should I take my NHS pension at 58, or am I best waiting until age 60? A. You’ll be aware that there is a penalty for taking the benefits from the pension prior to age 60. If you retire at 58, you’ll receive an [...]
