Locum Doctor Pension: Don't miss out on Tax-free annual tax allowance

In case you don't understand the implication of that, that is a big game changer because if you can put £60,000 there and you're a higher tax rate payer, you're paying 40% or additional tax rate payer paying even much higher, 45%. That means that you're getting a massive tax relief that can actually go into funding your retirement. So it pays to really understand the relationship between your pension and your taxes. For instance, we hear about different terms and you might have heard about SAR SIP and you're wondering what is SARS and what is ceap? There's a small self admin start scheme and there's also ceap which is basically your self invested personal pension. These are terms that you need to get acquainted with. These are terms that you need to understand, particularly if you do not have an NHS pension. And now let's say you're a doctor, let's say a consultant or you are a GP.