Ep 283: NHS Pension Explained 2025 - with Dr Tony Goldstone
Use code 'FIGSUK' at wearfigs.com for 15% your order.
In this episode of the Medics' Money podcast, Dr. Tony Goldstone, a radiologist and pensions expert, and Andy Pow, a medical specialist accountant, join the discussion to delve into the complexities of NHS pensions. They cover topics such as the transition from traditional pensions to defined benefit schemes, the impact of the tapered annual allowance, and major changes following the McCloud Remedy. The guests highlight the administrative challenges and mismanagement issues faced by many doctors and emphasize the importance of staying informed about pension entitlements. They also offer practical advice for doctors on navigating their pension schemes effectively.
00:00 Welcome and Introductions
01:17 Tony's Journey from Radiologist to Pension Expert
01:47 Understanding the Pension Crisis
03:22 The Brown Envelope Shock
04:51 Developing Pension Tools and Political Advocacy
11:17 Taxation and Pension Growth Explained
15:52 The Impact of Tapered Annual Allowance
19:31 Recent Changes and Future Challenges
28:46 The Importance of Staying in the NHS Pension Scheme
30:14 Private vs NHS Pensions: A Comparison
31:18 Understanding the Career Average Scheme
31:53 Current Issues with NHS Pensions
32:12 The McCloud Remedy Explained
39:20 Challenges in Pension Administration
53:08 Advice for Doctors on Managing Pensions
56:58 Final Thoughts and Resources
--------
58:11
--------
58:11
Ep 282: Financial Goals for 2025: Spend More on You – A Chat with BeeMoneySavvy
In this episode, Cyra from Medics' Money interviews Emma, the founder of Bee Money Savvy. Emma shares her journey of starting a money-saving blog inspired by her parents' financial struggles and her own experiences living on a part-time income. She discusses essential money-saving tips, budgeting tools, and the benefits of diversifying income streams. Emma also highlights the importance of convenience and consistency in building good financial habits and reveals her personal goal for 2025: to spend more on herself after years of stringent saving. Tune in for practical advice on managing finances better and leveraging tools to maximise savings.
00:00 Introduction and Guest Introduction
00:22 Emma's Journey into Money Blogging
04:03 Mindset and Habits for Financial Success
05:30 Saving Strategies and Tools
08:25 Favourite Budgeting Tools and Techniques
11:40 Money Saving Apps and Cashback Tips 1
9:00 Diversifying Income Streams
24:02 Building a Website for Income
27:56 Financial Goals for 2025 30:50 Conclusion and Final Thoughts
--------
31:00
--------
31:00
MDT: Swap pension tomorrow for pay today, cash is trash and BIG ltd change
In this episode, the Medics' Money team discusses pressing issues facing resident doctors, including the potential strike for pay restoration, the implications of student loan forgiveness, and the controversial proposal to swap pension benefits for immediate pay. The conversation also touches on the Economic Crime and Transparency Bill, which will affect how limited companies file their accounts, and the importance of financial education in light of the current economic climate.
takeaways
Resident doctors are considering striking due to pay issues.
Student loan forgiveness is seen as a potential solution but raises questions about fairness.
Pension swapping proposals may not address the core issues of pay restoration.
Generational differences in medical training and financial burdens are significant.
The Economic Crime and Transparency Bill will increase financial transparency for doctors.
Cash ISAs are losing value due to inflation, prompting calls for investment education.
Financial education is lacking in schools, leading to poor financial decisions.
Doctors feel undervalued compared to previous generations.
The current economic climate is affecting recruitment and retention in the NHS.
Investment is generally more beneficial than holding cash in the bank.
Chapters
00:00
Introduction to Resident Doctors' Financial Concerns
01:05
Student Loan Forgiveness vs. Pay Restoration
07:00
Pension Swapping: A Controversial Proposal
11:40
Generational Perspectives on Strikes
16:52
Economic Crime and Transparency Bill
26:25
The Debate on Cash ISAs and Investment Education
--------
38:00
--------
38:00
Ep 281: Financial Independence Beyond Pensions: Insights with Dennis Hall
Contact Dennis here: https://www.medicsmoney.co.uk/accountant/yellowtail-financial-planning/
In this episode of the Medics' Money Podcast, Dennis Hall from the Century Plan Podcast and Yellowtail Financial Planning joins the show to discuss financial planning for retirement beyond pensions. Dennis shares his journey from the Royal Marines to founding Yellowtail Financial Planning, emphasising the importance of developing a comprehensive financial plan. The discussion covers common financial mistakes, the necessity of having a clear retirement agenda, and how financial habits can significantly impact long-term financial independence. Dennis also talks about the psychological aspects of financial planning, and how understanding one's personal objectives can lead to better financial decisions. The episode aims to provide listeners, specifically medical professionals, with insights and actionable steps to secure a financially independent future.
00:00 Introduction to Retirement Planning
00:45 Meet Dennis Hall: Financial Expert
01:24 The Evolution of Financial Planning
02:26 Pensions and Retirement Strategies
06:04 Financial Mistakes and Missed Opportunities
09:17 The Importance of Personal Financial Goals
11:52 Frameworks for Retirement Planning
18:47 The Emotional Side of Financial Planning
24:16 Advice for Younger Professionals
26:58 The Importance of Active Financial Planning
27:35 The Cost of Inaction and High Fees
29:16 The Rush of Last-Minute Investments
29:42 Tailored Financial Advice for Medics
30:16 The Pitfalls of Uncoordinated Portfolios
30:55 The Simplicity of Effective Investing
31:20 The Influence of Online Financial Advice
31:39 The Dangers of Unregulated Investments
32:33 Procrastination in Financial Planning
35:11 Addressing Financial Blind Spots
37:53 Unexpected Life Events and Financial Planning
38:46 Over-Insuring in the Medical Profession
40:23 Engaging with Your Finances
44:01 The Value of Long-Term Planning
46:37 Final Thoughts and Contact Information
--------
52:13
--------
52:13
Ep 280: NHS Pension is broken, here’s how to fix it.
Resources to help:
https://youtu.be/ZHSBcGyycMI?si=vkQDr5FRb9O8JmAE
https://youtu.be/9Q3O34IapOE?si=2vMbNifmaACFaRgj
https://youtu.be/AngBbipPGCM?si=bFUPyJgLXM3YySqZ
Reforming the NHS Pension System: A Manifesto for Change
In this episode, the hosts discuss the current issues plaguing the NHS pension system, particularly for General Practitioners (GPs). They detail the problems with missing contributions, incorrect paperwork, and bureaucracy that have caused many to lose faith in the scheme. The discussion is joined by Andy Powell, an independent medical accountant and NHS pensions expert. Together, they propose a manifesto outlining several reforms, including producing forms earlier, abolishing the GP Solo system, automating data entry, regular updates between departments, and simplifying the annualization process. They also touch upon the necessity for a one-off investment to streamline the system. Additionally, they provide resources and courses for GPs to better navigate the current pension system.
00:00 Introduction to the GP Pension Crisis
00:21 Presenting the Manifesto for Change
00:52 Meet the Expert: Andy Pow
01:08 Current State of GP Pension Records
01:43 The Annual Return Process
02:12 Challenges with PCSE and Systemic Issues
03:09 Complexity of Pension Forms
05:19 Proposed Solutions: Early Form Availability
05:39 Abolishing GP Solo
06:43 Automating the Pension System
08:33 Regular Updates Between PCSE and NHSBSA
09:48 The Issue of Annualization
12:50 Investing in System Improvements
15:03 Resources to Navigate the System
16:34 Final Thoughts and Additional Suggestions
17:34 Conclusion and Call to Action
The Medics’ Money podcast helps doctors, dentists and other professionals make better financial decisions. Hosted By Dr Tommy Perkins and Dr Ed Cantelo, who is not only a doctor but also a Chartered Accountant and Tax adviser.
Ireland