Most practitioners will be members of the NHS Superannuation Scheme. This is a valuable occupational pension scheme which provides incomparable benefits. It is, however, possible to supplement your NHS pension with a personal plan.
For many high earning practitioners, particularly in the private sector, saving for retirement in a personal pension is not only prudent but highly tax efficient.
Legislation governing contribution eligibility is often subject to change so it is imperative to seek specialist guidance, especially in the current regulatory environment which not only limits contributions but also the size of your retirement fund.
There are different ways of saving towards retirement. These include: property, business, shares, ISAs, collectives as well as a conventional pension or SIPP (self invested pension plan). Whether one is better than another will depend on your individual circumstances, attitude to risk, and tax status. Often, a combination of savings vehicles and asset classes will be most appropriate but, to be certain of creating a plan that meets your needs and expectations as well as maximising any tax relief, MediClub offers access to specialist pension advisers through its valuable link with Chantler Kent Investments.
MediClub will always ensure that any pension advice meets with your overall career plan and aspirations.
Saving in a pension irrevocably commits your savings until retirement (at 55 at the earliest) so we do not always recommend the implementation of a pension for younger practitioners who may need more immediate access to their savings, eg for emergency funds or a deposit on a property.