Helping NHS and Private Medical Professionals

NLP Financial Management can help all Doctors, Dentists and allied healthcare professionals when it comes to their finances and their (NHS and/or private) pension position. 

You are not superhuman and sometimes need help navigating complex financial systems.  We have developed the knowledge and expertise to model the different circumstances you may find yourself in and have already helped significant numbers of NHS members make the best decisions regarding their future.

We can provide peace of mind through giving advice on:

Pensions:

• • We guide you through maximising contributions to the NHS pension (and/or a private pension) in order to enhance your wealth and reduce your tax liability.
  • Understanding and updating the NHS Pension Total Reward Statements.
  • Help you request and understand your NHS Annual Allowance Statement and how to calculate your Annual Allowance position from it.
  • Balancing Private and NHS Work to ensure optimal tax efficiency.

Protecting yourself and your family:

• • Advising on and arranging Critical Illness, Life Cover and Income Protection.
  • Analysing any existing arrangements in place via your NHS pension.
  • Working with solicitors to ensure Wills and Powers of Attorney are in place to protect your position.
  • Inheritance Tax Planning to efficiently pass wealth between generations.

Tax:

• • • Advising on current and future tax years to optimise your finances using your pension(s) and ISAs.
    • Liaising with and assisting your accountant to ensure that correct data is obtained, used and submitted to HMRC.

Investing:

• • Advice on whether to allocate excess savings into pensions or other investments.
  • Investing your money in a risk appropriate fashion to ensure your objectives are met.
  • Tax-efficient investments as alternatives to pensions and ISAs.
  • Providing regular updates on your investments and suggesting changes as necessary.

Simply ignoring these issues can severely damage your wealth; timely, correct advice helps to prevent HMRC enquiries and helps ensure you are being tax efficient.

Why the Need for Specific NHS Pension Advice?

Successive governments are adding to healthcare professionals’ workload by introducing change upon change to pension legislation, culminating in complicated rules relating to all pension contracts in 2016.  The interaction of these rules requires careful analysis.

Current pension rules limit the amount of tax relievable pension inputs that can be made into a pension scheme in each tax year. This is known as the Annual Allowance.  Exceed this Allowance and you are likely to face a tax liability, known as the Annual Allowance Excess Charge.

Contributions to pension schemes, such as the NHS Pension, are called Pension Inputs.  Pension inputs can take the form of monetary contributions into money purchase schemes or the ‘deemed’ contribution in the case of a defined benefit scheme.  Your deemed annual pension contribution is made up of all pension inputs you, your employer and/or a third party make, or are deemed to have made, to your pension.  Accordingly, we can assist with the calculation of your pension inputs and how this pension contribution compares to your Annual Allowance.

Even if you have exceeded your Annual Allowance, you may be able to use Carry Forward relief to mitigate an additional income tax liability and to potentially maximise your contributions.

Get in touch today for a free, no-obligation consultation with Tom Burrill, our in-house specialist – [email protected]