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In part two of the Medics' Money New Doctors' Finance series, Dr. Ed Cantelo sits down with specialist medical accountant Andy Pow to break down the NHS pension.
Topics covered:
- What the NHS pension is and how the 2015 defined benefit scheme works
- How contributions are calculated (tiered rates, tax relief)
- Why the pension isn't invested — how the scheme is funded
- Where to check your pension record (Total Reward Statement) and what documents to keep (P60s, P45s, payslips)
- Family and ill-health protections built into the scheme
- The risks of opting out
- Retirement age, early/late retirement, and partial retirement options
- Where to find more resources (medicsmoney.co.uk, YouTube)
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Disclaimer:
The information provided in this content is for educational and informational purposes only and does not constitute financial advice. You should not rely on this content as a substitute for professional advice tailored to your specific financial situation. The value of your investments can go down as well as up. Past performance is not indicative of future results.
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