The advice process for consultants is largely dependent on the current level of benefits available from the NHS pension scheme and whether they also have private practice income. We first evaluate the position with the NHS scheme, then look to build further planning if and where required. It is also important to consider the structures and options available for the income sources, for instance some consultants now receive their private income through limited liability partnerships or limited companies.

When considering the NHS pension, it is vital that our clients understand how their deemed contribution is calculated.  Particularly in light of recent pension legislation changes to the annual allowance and the effect this can have on income tax planning.  A sudden salary increase as a result of promotion or perhaps a Clinical Excellence Award can have a very significant impact on an individual’s tax position.