Category: Financial advice

How to write a will: 10 reasons every GP needs an up-to-date record

IFA Kirsty McGaun on the reasons to get your skates on with this essential paperwork.

Five reasons for sessional GPs to review their finances before 2025

It’s time to stop putting off that financial review, Peter Reading writes

Inflation and the NHS Pension: proposed changes

Good news about your NHS pension scheme and annual allowance, writes Kirsty McGaun.

Lifetime Allowance swept away in Spring Budget 2023

AA raised to £60k, negative growth can be offset and tapered AA now £10k.

High-earning GP locums must publish earnings by 30 April

GPs must declare earnings over £156,000 within the next six weeks, Pulse reports.

New pension flexibility for 1995 and 2008 scheme members

As of April 2023, it is proposed that members of the 1995 and 2008 sections of the NHS pension scheme can access their pension and lump sum without the need to ‘retire and return’.

GPs should ‘assume excess AA growth’, specialist IFA advises

Use the Ready Reckoner to estimate NHS pension cost and growth, McGaun added.

How to report excess AA growth without figures

Plus, two postponements that may affect GP pensions.

Financial advice for GP locums

Advice on a range of topics – from insurance to mortgages to investments – and access to advisors who specialise in working with doctors.

Why inflation hits GP pensions harder than hospital doctors’ 

GPs have a career average revalued earnings system that uses the dynamisation process to account for inflation, specialist financial planner Max Spurgeon explains.

Nine jobs for GP locums before the end of tax year 2020/21

Check your pension allowance, use your dividend allowance, and doublecheck your tax code.

Three ways new NHS Pensions changes could affect GPs

Annual allowance, compensation, and retrospective taxation could all hit GP locums and salaried GPs now, or in the next two years. Kirsty McGaun, Legal & Medical, advises

What is income protection?

Income protection is a policy that provides GP locums with a replacement income if they are unable to work because of injury or illness. Kirsty McGaun explains how it works, and explodes a few old myths

How public pension ageism affects GPs

The Government has confirmed that changes made to firefighters’ pension in 2015 were age-discriminatory, and they will impact all public sector pensions

Tax-free 
childcare (TFC) scheme during Covid-19

If you or your spouse/partner have ‘adjusted income’ under £100,000 in this tax year, you may be entitled to support under new rules

Death-in-service benefits from the NHS: Are you returning to work due to COVID-19?

Find out about the death in service benefit, and private options available to GP locums returning to work during lockdown

BMA IR35 guidance

Read the union's 2020 advice for GPs.

Parental benefits

The New Year seems an appropriate time to think about new babies, so here we consider some money matters you might need to think about.

When can I retire?

Many of us are looking down the barrel of our ‘normal retirement age’ being 67. A chilling thought.

Planning for
 university fees

Are university fees looming in your household? Maybe your teenager is already collecting their belongings together ready to start their next chapter in life as a student.

Mortgage tips for 
GP locums

Despite the weirdness that is Brexit, the traditional increase in the number of new mortgage applications in springtime continues. There are plenty of decent rates out there, particularly fixed rates. But what if you are a locum?

Does the NHS pension scheme still represent good value for money?

Just how good is the NHS pension scheme, anyway? Our advice on why GP locums should take a closer look at the 2015 scheme

Five essential money issues
for GP locums: financial questions to ask

Being a locum has many advantages: greater flexibility, autonomy and variety. But there are some disadvantages too: peaks and troughs in income, difficulties with getting a mortgage and uncertainty about your financial situation if you fall ill or die, to name just a few.

Options for illness cover for locum and salaried GPs