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Hi, I'm in the 1995 and 2015 pensions, if I retired at 65, could I take my 1995 pension then but defer taking my 2015 pension until I was 68 and would that avoid penalties?

Because you are a long term invester. You take the dip and the peak and stay invested.

Thank you for this video. If I pay into a junior SIPP for my child can I then claim the higher tax relief back in my self assessment and will this help to lower my taxable income? Thank you.

Hmm, interesting video. If a bit vague. How easy is it to detemine whether something is “Branded” or not? And are we talking equities or pension funds here? I appreciate the video by the way. Using two examples, my Pension is invested into Vanguards US equities fund (Sedol B5B71Q7). This is a passive fund (AFAIK) and its 10 year performance is 312% with an annual on going cost of 0.10%. My sons pension is invested in Fidelities Global technology fund (Sedol BJVDZ16) and it’s 10 year performance is 705%! Over twice as much. It’s ongoing charge is 1.04%. This is an actively managed fund I believe. Yes its ten times more expensive but the fact it’s grown twice as much as my other fund, would the management cost not be worth it? I appreciate they’re different funds so we’re comparing apples & pears but does it not highlight that if you’re invested in a good managed fund that performs very well long term, the returns outweigh the costs significantly AND out performs many other leading passive investment funds. Trick is finding the right fund I guess! 🧞‍♀️😂

Want to improve your finances fast? Join us here www.medicsmoney.co.uk/medics-money-financial-wellbeing-course/ Want a free assessment of your finances? Click here medics-hnz5twj1.scoreapp.com Want the latest financial tips for doctors and exclusive invites? Join 56,000 doctors here www.medicsmoney.co.uk/join-medics-money/

Want to improve your finances fast? Join us here www.medicsmoney.co.uk/medics-money-financial-wellbeing-course/ Want a free assessment of your finances? Click here medics-hnz5twj1.scoreapp.com Want the latest financial tips for doctors and exclusive invites? Join 56,000 doctors here www.medicsmoney.co.uk/join-medics-money/

Want to improve your finances fast? Join us here www.medicsmoney.co.uk/medics-money-financial-wellbeing-course/ Want a free assessment of your finances? Click here medics-hnz5twj1.scoreapp.com Want the latest financial tips for doctors and exclusive invites? Join 56,000 doctors here www.medicsmoney.co.uk/join-medics-money/

Want to improve your finances fast? Join us here www.medicsmoney.co.uk/medics-money-financial-wellbeing-course/ Want a free assessment of your finances? Click here medics-hnz5twj1.scoreapp.com Want the latest financial tips for doctors and exclusive invites? Join 56,000 doctors here www.medicsmoney.co.uk/join-medics-money/

Want to improve your finances fast? Join us here www.medicsmoney.co.uk/medics-money-financial-wellbeing-course/ Want a free assessment of your finances? Click here medics-hnz5twj1.scoreapp.com Want the latest financial tips for doctors and exclusive invites? Join 56,000 doctors here www.medicsmoney.co.uk/join-medics-money/

Want to improve your finances fast? Join us here www.medicsmoney.co.uk/medics-money-financial-wellbeing-course/ Want a free assessment of your finances? Click here medics-hnz5twj1.scoreapp.com Want the latest financial tips for doctors and exclusive invites? Join 56,000 doctors here www.medicsmoney.co.uk/join-medics-money/

More left wing nonsense , politics of envy. What an idiot, £9 billion of the so called black hole was made by there treble inflation pay rises to the public sector, and ALL the finances were given to LIE bour before the election. Right wing press 😂 there is none left in the UK, take the BBC which is just a left wing propaganda channel.

Ask your self this:- Debt is RISK Debt prevents full focus on saving. The largest debt you will have in life is a mortgage. Interest on Debt cripples Paying off Debt gives you clarity on: 1. When you will be debt free. (you can calculate this easily) you cannot calculate when a mortgage is paid off if you are not paying down the principle + interest. Making assumtion: Making an assumption on investing over 40 years that the mortgage will be paid off. THAT IS A GAMBLE. Like most gambling. Some win some lose! Its not a given. I have seen many people nearing retirement to find out that they have not managed to pay their mortgage off. Having no debt provides independence. Having no reliance on anyone is an extremely good feeling and reduces alot of stress in your life. Having no debt helps self actualization. I paid my mortgage off with over paying twice. I then purchased a 2nd property and paid that off in record time. I now have a rental income that make me 8% on the original principle. I now save and fill bonds to get 4% return. I have the freedom to also get stock and shares and fill ISAs without being worried about the S&P crashing. THAT is the difference Life is random and curve balls can hit you at any stage. Having the ability to control and reduce risk is a nil brainer in my opinion.

Like the double bluff prediction

I live in Spain, free health system, our King Felipe says we all have the right to invest in the bank of Spain 🇪🇸 for €40 have joined the scheme for a one off payment of €1,500 will have an annual payment of €140,000 , good yes ? All university places are free & the discoveries made are fantastic , students from Elche University have discovered a compound in the salt lakes of Santa Pola successful I treatment of breast cancer , to us in Spain a $ 10 million diamond is worthless our children's lives & Education more important , not only is Spain the largest producer of fine wines in the world but considered the most highly Educated nation in Europe

Their 22 billion blackhole is called carbon capture. Kid Kweir and the Granny Snatchers are accelerating agenda 2030 net zero which is nothing more than a front for a 1984, Logan's Run, Internet Zero Point society. If tax does not go into improving lives and society short and long term then it is nothing more than mafia protection money. Our money is stolen then squandered and laundered, landing on the politicians and their friends' broadest shoulders. Just about every law goes against people's well being and will. I give them zero content to do this. Every few years they crash the economy and it never fully recovers. It is like going down the stairs into a poverty abyss that has been visibly destroying our society since 1980 at the least.

At what point does a government realise that relentlessly increasing the tax take is far less effective than searching for efficiencies and savings in public sector services? This country has gone to the dogs.

Such a well timed and helpful podcast. Myself and a lot of my GP colleagues have been mildly panicking about this budget, particularly those of us who are in limited companies. I guess the worry is dividend tax increasing making it even more difficult to take money out of a company. That coupled with rising living costs and GP work drying up across the country.... let's just say the angst levels are at an all time high 🙂

What are your thoughts on ethical investing? Do you think the things you talk about in the video apply here too? Is it possible to invest and avoid things like tobacco, fossil fuels etc and still make decent returns?

Dr Ed Cantelo. Looking fit and healthy sir! Investing in your health as well as your finances. Keep it up 👍

My offset mortgage allowed me to increase the mortgage due to the increase in equity as want to do an extension. I changed my mind and used the equity for deposit to buy another house ( a little cheeky). Changed to repayment when interest rates low. Going to look at BTL at renewal. Higher rate tax payers would benefit more.

Have you ever covered how a salary sacrifice scheme eg for a company car lease would effect your pension? Would be super useful, very common to do in the NHS but less salary is less pension and employer contribution and less pension growth over time. How do i balance jam tomorrow (pension) vs tax savings now?

Great content

When you talk about investment, would you mainly invest into an ISA account? I mean for your monthly investments in your funds.

Nice Lego Shuttle :)

Another cracking video! Dennis gives further insights into what individuals should be considering for their own longterm financial plan in his Century Plan podcast. Is there any scope to have a video / pod episode on a "beginners guide to planning / basics of cash flow modelling", please?

What is your view on doctors planning to stay for a short time as in 2 3 years in the UK ?

Good talk. Too many adverts on the episode.

I'm GP UK. looking to understand what a low cost portfolio is. how do I start one

How much does your services costs? I lost my 1995 DB NHS scheme 20 years ago and lost my 2008 scheme last week. Now,I am convinced it is a Scam and have filed a complaint. Still have my 2015 NHS DB Scheme but have decided to invest in DC Private SIPP.

Hi, could you kindly answer this question. I am a GP locum paying into the NHS pension at 12%. I have now gone back into training and paying into the NHS pension via PAYE at 9%. 1) can i still pay into GP locum pensikn via forma/b 2) what percentage shall i pay at?

Great vid. What are your thoughts on ethical investing. I don’t really want to invest in funds that make money off things like tobacco and fossil fuels. Is there any way of making decent returns by investing more ethically?

Hi and thank you for doing your best to help us medics out there. Especially those of us who would struggle to have a conversation on money matters and investments. Like most doctors, I am working day and night 6 days a week to finally have some savings. It is enough to buy one 3 bd house in the north, or to invest over one year in SMP to try and create more wealth to possibly purchase two smaller properties for rental. Investment rather than leave it in the bank seems a better strategy. Just wondering your thoughts to someone who has not taken the bold step to invest, so far

Amazingly an accountant who speaks English and not techno jargon.

When considering retiring you should also watch out for MARs and VR as this can allow those thinking of retiring early a great opportunity to do so with severance pay that can be used to leave early without ARER penalties. SO WORTH FINDING OUT if redundancy is on the cards for your NHS as having no penalties for leaving early is huge (especially on the 95 scheme) MARs = 1 years salary and severance lump sum , VR = 2 years salary and severance lump sum, plus option to put some of your lump sum into your pension to have no ARER penalties at 60. You can also purchse extra years in 2015 scheme. Also if you leave earlier DRs and staff have this fear that they are loosing pension for leaving early. This is untrue you are just taking it earlier and this has to be factored in as the DB or DC is for life so ARER just reduces the pension to ensure its fair. My issue is those that plan to stay till 67/68 will likely be hit hard with TAX when they eventually retire. Having diversified savings (including pension, property income, ISAs, Premium Bonds, Stocks shares (ETFS), bitcoins , GOLD and other income source) can ensure that the tax man does not take your hard earned pension. I would also point out, most Drs and Snr Managers in the NHS will be on 40-45% tax when they retire and a significant amount of tax will be taken from your pension in tax every year there after, if you leave at 67/68 rather than earlier. Being smart and looking at other areas reduce tax in retirement are worth considering while working. DIVERSIFY. SIPPS is a great way of getting a retirement buffer pot between 55 -67/68 to use as an early retirement pension and let the NHS pension mature till 65-68 to reduce ARER penalties. Worth considering. SIPP has 25% tax free pot. Each government in the future will be thinking of ways to tax your pension to the max (especially labour). So having diversified pot and a proactive plan is essential. I'm not a DR but work in the NHS in Capital Planning and this was explained to me early on in my work life which has really helped me planf or my future. I started late to pay into a pension. I was extremely lucky and was able to purchase extra years in the 1995 scheme and the Mcloud result ensured i can leave at 56. Everyone idea of comfortable retirement is different. The Average UK couple will want £58k a year to live comfortably on in retirement - DRs are classed as the top 5% of the best paid people in UK so having this as a bench mark for understanding the average income may be helpful. Would i get a financial adviser ? YES

Thank you. Very useful information

I work in the council and seem to be the only person in my place who has got a letter about it, but i also know, i am the only one who managed to opt for paper statements in the 2 week window we where given when they went paperless.

Great talk. Optimistic future for primary care.

Perfect .Thank you very much..

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My dad succeeded in private practice, he built up his private orthopaedic clinic, bought out the office in a private hospital and earned a lot of money for the 30 years he did it, much much more than he ever could if he stayed in public practice. There was a lot of people wanting elective hips and knees.....he had butt loads of patients so there was no need to advertise it. He now does private medico-legal and insurance claim writing after retiring, but because I became a GP and my brother didn't do medicine at all, he sold his business to this wealthy ophthalmologist who expanded his laser clinic, and my parents paid off all the mortgages

Great video. Thanks as always. Can I ask about the additional pension purchase ? I hadn’t heard of this before and it looks like a great option. But are there annual allowance tax implications ? I’m thinking for example if I purchase an additional £8000 of annual pension (which presumably revalues year on year in addition to the rest of my 2015 pension?) - while I get tax relief on the contributions towards this, does the sudden growth in my pension value mean I’ll be stung for a huge annual allowance tax bill ? (I’m a consultant in wales so we’ve just had a bit of a pay rise after industrial action too - hence wanting to not shoot myself in the foot here !) Appreciate individual circumstances and individual advice. But I wondered in general terms - presumably buying an extra £8k of annual pension would have some implications for pension value calculations (and thus annual allowance ?) Thanks as always.

Fantastic video as always- thanks for getting the information out there! I’ve still not received my McCloud remedy letter, and nor has anyone I know. I think we were all supposed to receive something by October 2024- is this yet another deadline that’s going to be kicked down the road indefinitely do you think?!

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As a cleaning staff in mhs on a 15 hours a week contract after 2 years severe at 65 can i take my nhs pension from NHS how much will i get

Omg i dont no what i get on retired from nhs next March at 65 after 2 years of service is it worth having 🤔

Omg its so confusing ok can i ask u. This im taking my pension i. March next year after 2 years of service in nhs im do 15 hours a week. How much will i get from my pension im be. 65 years

Can we see an episode on IR35 ; how we can work via consortiums/LLCs to earn income taxed at corporation rates

Great to see more videos on UA-cam. Can you timestamp your videos moving forward though? Thanks

Absolutely delighted to get a shoutout in this episode guys 🤩 I’m sure @Medlifecrisis is too 😅

There is one targeted at NHS which is NHS service discounts which give you a cashback card and offer discounts as well for free.