Ndubuisi 'Andy' EgwimMoney Coach for Medics|Ex-NHS GP|21+ Yrs Investor| Founder, MoneyWiseDoctor.com|Helping Medics Avoid Big Money Mistakes

Are You Falling Into The Pension Contribution Trap

12 Mar 2025 · 1 min

Watch on YouTube

0:58

A short excerpt from a YouTube video by Ndubuisi 'Andy' Egwim warning UK viewers about under-contributing to pensions and encouraging them to maximise pension contributions up to—but not over—the annual allowance. Key points: pensions are a tax-efficient shelter in the UK; the annual pension allowance cited is £60,000; crossing that allowance can trigger penalties; contributing more may reduce taxable income and increase tax-free growth. The clip ends with calls-to-action: a free SIP guide download and an invitation to a two-hour "Tax hack X Ray Challenge" for doctors and healthcare professionals with a checklist review before April 1st.

Questions this video answers

£60,000

April 1st

Two hours

Chapters

Number four not maximizing pension contributions. So pensions are one of the best legal tax shelters in uk. Yeah, most people are not even contributing enough. You have £60,000 annual pension allowance which includes pension from both your workplace or any private pensions you have. And if you contribute more to your pension can drop into a lower tax bracket and reduce your tax bill and also boost your retirement savings with tax free growth. But something to really watch out for. You want to make sure that you're not crossing the 60,000 pounds annual allowance because this could make you land with a penalty. If you're not sure how to start, you can download our free SIP guide, something that could help you if you want a deep dive. Join my Tax hack X Ray Challenge for Doctors and Healthcare Professionals. It will be a two hour session where we use a fine tooth comb to go over all the tax areas and more and compare the checklist before April 1st.