What's new in Retirement Planning
Is it STILL a good idea to make your children shareholders of your private limited company?
If you’re a shareholder of a private limited company, traditionally spreading the ownership and therefore dividends around the family offered…
The minimum retirement age is changing: how this impacts your retirement plans
With the recent focus on NHS pension scheme changes, doctors and dentists may still need to catch up on some…
Inheritance Tax: No longer an issue just for the wealthy
Inheritance tax is in the headlines once more with possible changes in discussion. We summarise the situation, so you can…
What happens to your private pensions when you die?
We have covered death in service benefits in the NHS pensions scheme in previous articles, but what happens to your…
Are you missing out on two bites of a tax-efficient cherry?
Only available to the under 40s, Lifetime ISAs (also known as LISA) are more commonly known as savings vehicles for…
NHS pension scheme partial retirement – are you eligible?
As discussed in a previous article the NHS pension scheme is changing their partial retirement options available. As always with…
The drama continues with the NHS pension scheme
If the NHS pension scheme was a fictional organisation in a TV drama, I am sure the current plot with…
NHS pensions: Informed decisions are better decisions
For many doctors and dentists navigating the NHS pension scheme (NHSPS) can seem like a bridge too far on top…
NHS pension scheme:Flexible retirement rules to change in April 2023
As of April 2023, it is proposed that members of the 1995 and 2008 sections of the NHS pension scheme…
Could not contributing potentially be better for your pension?
Once more we find ourselves in unusual times, and this time we are not talking covid – I refer to…
Retiring early? How this decision affects your NHS pension
What age is classed as early retirement? Once upon a time, there was only one NHS pension scheme and this…
Is the NHS Pension Scheme still good value for money?
You’d be forgiven for wondering if your NHS pension scheme is still good value for money. With tiered contributions as…
Is your pension pot smaller than your colleagues or partner?
If you just answered yes to that question, chances are you are female. There are many great aspects about a…
How to reduce your NHS pension retirement age
In today’s world many doctors and dentists are working extremely long hours, often under very stressful circumstances so it comes…
Are you due a ‘second bite lump sum’ of your NHS pension?
Not a term you have heard of before? I’m not surprised. It’s a term given to an additional pension payment…
Countdown to retirement: Planning for life’s milestones
Life accelerates as the years pass – it’s no joke. Hit 50 and whoosh, 60 is knocking on the door!…
Work until I’m 67! How can I afford not to?
Many of us are looking down the barrel of our ‘normal retirement age’ being 67. A chilling thought. One that…
The powerful pension options medics now have
How doctors and dentists view and use their pensions has changed since ‘Pension Freedoms’ came into being in March 2015….
5 ISA changes doctors and dentists need to know about
Are you desperately trying to save for your first home or, at the other end of the spectrum, so that…
Lifetime ISA: What’s in it for me?
The Chancellor’s Budget U-turn on pension tax relief changes wasn’t the only surprise he had up his sleeve; he also…
Budget 2016: The changes that affect doctors and dentists
We have cut through the swathes of Budget 2016 articles to bring you a short update on the matters that…
How much is ‘enough’ to stop working?
Apparently we’re living longer but not necessarily enjoying good health in old age. Pension schemes, including the NHS Pension Scheme,…
Financially plan your retirement with Legal & Medical
Many medical professionals believe that their NHS Pension is the solution to all their pension requirements. Whilst the NHS Pension Scheme certainly forms the backbone of our clients’ retirement plans, supplementary planning may well be required, particularly in light of new changes. It can also have huge tax advantages.
As pension specialists to doctors and dentists, we have in-depth knowledge and a wealth of experience in advising medical and dental professionals on:
NHS Pension Scheme
The NHS Pension Scheme provides a tax free lump sum and an index-linked pension that is service related. It also has a number of other benefits, including pensions for surviving partners, death in service benefits, allowances for dependent children and ill-health retirement. Find out more
Personal Pensions
A personal pension is a highly tax efficient savings vehicle to provide you with a regular income in your retirement.
SIPPS (Self-Invested Personal Pensions)
SIPPs are personal pension wrappers that offer more freedom of choice than conventional personal pensions. They allow you to choose your own investments or to appoint an investment manager to look after your portfolio on your behalf.
Drawing Your Pension Benefits
There are various ways of taking an income from your pension, including annuities and various drawdown options.
How we can help you
It’s not easy getting your head around what your pension options are, what you can and cannot do, the amount you can put into your pension each year, and how that translates to the age you can retire with what income.
At Legal & Medical, we explain (in plain English) the choices you, as a doctor or dentist, specifically have; how changes in NHS pension policy and government legislation have affected your pension and retirement plans; and the best route to maximise your income in retirement.
A pension is a long-term investment. The fund value may fluctuate and can go down. Your eventual income may depend on the size of the fund at retirement, future interest rates and tax legislation.
Get in touch to find out more