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In part two of the Medics' Money New Doctors' Finance series, Dr. Ed Cantelo sits down with specialist medical accountant Andy Pow to break down the NHS pension.
Topics covered:
What the NHS pension is and how the 2015 defined benefit scheme works
How contributions are calculated (tiered rates, tax relief)
Why the pension isn't invested — how the scheme is funded
Where to check your pension record (Total Reward Statement) and what documents to keep (P60s, P45s, payslips)
Family and ill-health protections built into the scheme
The risks of opting out
Retirement age, early/late retirement, and partial retirement options
Where to find more resources (medicsmoney.co.uk, YouTube)
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