You’re invited to a free pensions and tax webinar

Independent Practitioner Today readers are invited to a special webinar: ‘NHS Pensions and Tax – what you need to know’ on Tuesday 28 September at 6.30pm.

Specialist financial planners Elliot Lund and David Murphy, of Cavendish Medical, will discuss these key topics:

  • Current NHS pension benefits and recent changes;
  • McCloud – the 2015 Pension Scheme age discrimination ‘remedy’;
  • The impact of NHS annual and lifetime allowances – and the changes to the tapered annual allowance rules;
  • Pension tax payment options;
  • Recent changes to clinical excellence awards;
  • Other income sources – tax planning and pension savings.

The main presentation will last approximately 45 minutes plus 15 minutes for questions and answers at the end.

Dr Benjamin Holdsworth

Cavendish Medical director Dr Benjamin Holdsworth said: ‘At this time of year, doctors will be receiving their annual allowance statements and could be realising they are in breach of the tax-free pensions savings limit. 

‘The NHS Pensions Agency, however, will only notify you if you breach the standard allowance – but many doctors will be liable for the reduced tapered annual allowance and will not be automatically informed.

‘Every year, these statements cause confusion, as the annual allowance tests “pension growth” in the year, not actual pension contributions. The figures presented are not what you may think you have put in your retirement pot. 

‘The other very real issue which we see time and again is that many of the statements contain computer-generated errors which can easily go unnoticed but may cause significant problems further down the line.

‘And, this year, it could be important to get your figures double-checked. The McCloud judgment could mean that the numbers for the last few years need to be changed retrospectively.’

‘We are hosting a webinar to explain some of the mistakes to look out for and your options should you be facing a tax charge. We will also explain payment options and factor in other key issues you should be considering.”

Please click here to register your attendance:

Cavendish Medical provides specialist financial planning advice to medical professionals covering pensions, tax planning, savings and investments.