Personal Retirement Plans for Doctors and Dentists
Practitioners who are members of the NHS Superannuation Scheme enjoy the occupational pension scheme’s incomparable benefits. For many retired doctors and dentists, the pension scheme means comfort and financial stability.
However, with the constantly changing global economic situation, including possible changes in the NHS Pension Scheme, it would be prudent to supplement your NHS pension with a personal plan.
For high earning medical practitioners, particularly those in the private sector, setting aside money for retirement in a personal pension is not only wise but also favourably tax efficient.
Considering that the legislations for pension contribution eligibility often change, it is crucial to seek retirement advice for doctors and dentists, especially in the current regulatory environment that limits contributions and the size of retirement funds.
Deciding on Retirement Plans
There are several ways to plan for your retirement. These include investing in property or shares, nurturing ISAs or collectives, even starting a business or acquiring an SIPP (self-invested pension plan).
Determining the best scheme for you would depend on your attitude to risk, tax status and of course your individual circumstance. To ensure that your plan meets your retirement needs while maximising any tax relief, it is best to seek the retirement advice of medical practitioners’ pension specialists.
MediClub, in partnership with Chantler Kent Investments, provides convenient access to specialist pension advisers.
Let us know your overall career plan and aspirations and we’ll ensure that you receive pension advice that helps you realise your goals.
Before You Commit
Saving in a pension commits your savings until your retirement. For younger practitioners who might need immediate access to their savings for emergencies or for acquiring property, a pension might not be the best solution. To find the best financial plan for you, talk with MediClub’s financial advisers today.