Many medical and NHS professionals have unique sets of challenges when it comes to their finances, especially if they are part of the NHS pension scheme. At Tilney we have financial planners with the specialist knowledge and experience to help medical professionals with their complex financial needs and circumstances – from calculating a tapered annual allowance to protecting against a lifetime allowance tax charge.
Whether or not you are part of the NHS pension scheme, we can help you plan for retirement. We can show you how much money you’ll need to achieve your retirement goals, and whether you’re on track. If there is a shortfall, we could recommend other ways to get back on track – from postponing retirement a few years to making additional savings in a personal pension or creating an investment strategy that puts your money to work for you.
We help many medical professionals to structure their finances tax-efficiently and take advantage of all of the available tax allowances. This could include simple options such as paying into an ISA and making the most of a spouse’s tax allowances, or more complex, higher risk, tax-efficient investments such as Venture Capital Trusts (VCTs)*. We also have experts who specialise in helping medical professionals manage NHS pension tax charges.
Find out more about how we can help NHS pension scheme members in this guide.
People talk to us about estate planning and Inheritance Tax for many different reasons. You may be concerned about leaving behind a big Inheritance Tax bill, or perhaps about your money ending up in the wrong hands after you die. We can help to ensure a smooth passing on of your wealth in line with your wishes and without any unnecessary tax charges.
Whether you want to minimise Inheritance Tax or simply pass on your wealth to the right people at the right time, we can help.
If you have various sources of income – such as a combination of NHS and private work – you may not have a suitable level of financial protection in place. We can work with you to ensure that your family will be protected in the event of an unexpected death, illness or job loss.Find out more
Whether you are investing towards a particular goal like your retirement or just to make the most of your money, we can help. We offer a range of investment services each underpinned by our investment philosophy and process, and delivered by some of the UK’s most qualified investment professionals.
Our investment services are delivered by some of the UK’s most qualified investment professionals.
Many of our clients choose to have their investments managed by our experts – especially if their busy work and family lives mean they don’t have the spare time that successful investing requires. Those who want to make their own investment decisions choose to invest with support from a professional investment adviser or do it themselves through our Bestinvest company.Find out more
Professor David H. Sochart is a Consultant Orthopaedic and Trauma Surgeon. He has worked for the NHS for 32 years and has been a client of Tilney’s for more than seven years.
In addition to his work with the NHS, he previously worked in medicolegal practice for 15 years and in private practice for 10. Professor Sochart is 54 years of age and has no plans to retire yet. In fact, he will soon be taking on a new role in a prestigious unit.
Like many medical professionals, Professor Sochart is trapped in a situation with his NHS pension where he has to pay into it, but could potentially be penalised for doing so. This has forced many experienced professionals to consider early retirement or to take on fewer duties, much to the detriment of the NHS and its patients.
However, by working with Ann-Marie Atkins, an award-winning specialist financial planner from Tilney’s Manchester office, Professor Sochart has managed to avoid this potential pitfall. Ann- Marie and her team regularly analyse Professor Sochart’s pension contributions in order to ensure that he does not exceed the annual or lifetime allowances, and just as importantly, they will continue to do so in the future.
‘We see these kinds of challenges all the time from our clients who are doctors and also hold other roles in the NHS,’ says Ann-Marie. ‘It is important for me to interlink their tax position with their personal tax position, as this way they can easily see the pros and cons when making decisions around their pensions. We do this actively and regularly which makes pension planning simpler in what could be a very confusing situation.’
By planning ahead, Tilney has given Professor Sochart the peace of mind that he is unlikely to be presented with any nasty surprises when it comes to taking his pension further down the line. With this in mind, he is able to keep doing his job and to take on additional duties and roles, instead of reducing his working hours, which is beneficial to the NHS and its patients.
*VCTs are highly illiquid investments and only suitable for UK resident taxpayers who can tolerate higher risk and have a time horizon of greater than five years. You should only subscribe for new VCT shares on the basis of the relevant prospectus and you must carefully consider the risk warnings contained in that prospectus. Any tax treatment depends on the individual circumstances of each investor and may be subject to change. We would encourage you to seek independent tax advice before considering these investments.