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

Doctors: Don’t Miss Out on Your Pension Tax Refund

30 Jul 2025 · 1 min

Watch on YouTube

1:05

A short YouTube video by Ndubuisi 'Andy' Egwim offering practical pension tax advice for doctors. The speaker explains using private pensions (self-invested personal pensions, SIPP) once ISAs are full, what can be held in a SIPP (commercial property, stocks, bonds, REITs), and how pension tax relief works: providers add 20% basic-rate relief at source, while higher-rate taxpayers (example: Dr. Mary at 40%) must reclaim the additional 20% via self-assessment or contact HMRC.

Chapters

And Dr. Mary can say look I've used up my ISA and I'm thinking of what next to do. So what I'm going to do now, I'm going to take the extra money I've got and pay it into a private pension like a sip or maybe someone like, I don't know if Dr. Pepper is a full locum but let's say Dr. Pepper is a local and doesn't have an HS pension, he can decide to create a private pension for himself. So self invested personal pension that he can manage, he can use it to invest either in commercial property on stocks and shares and bonds and REITs. So that's quite powerful, isn't it? So you get 20 of that money that you've already put into your pension. HMRC, the government will say okay take 20 back. That is where a lot of people make a mistake, they stop there. Remember Dr. Mary is a HRT higher rate taxpayer, she's paying 40 so she needs to get the rest of that back. So if she's put like 10,000 and they say okay take 20, he's gotten 2k back going back into the pension as tax relief. She should through self assessment contact hmrc whatever I need to do to get back the remaining 20%.