YouTube video by Ndubuisi 'Andy' Egwim discussing whether to use the NHS pension or a SIPP (Self-Invested Personal Pension) to save tax. The speaker advises viewers to obtain their Total Reward Statement (via ESR), contact NHS Pensions to make additional pension contributions, and explains that increasing pension contributions can reduce taxable income and restore personal tax allowance to avoid higher-rate/60% tax traps.
Then going forward, the question is, now, do I go for NHS pension or do I go for sip? Now, here's the thing. Most times, and we've tried this thing out with some consultants and also some in the registrars. So go and get your total reward statement. You could get that from your ESR electronic data and find out what is your total reward statement, so they can work out how much is already going into your NHS pension. And then they did the next step that we talked about. Contact the NHS Pension Administration and tell them you want to put some extra money in your pension, basically, because it's a way to avoid the 60 tax trap. Because if you have more money in your pension, then that means it reduces your taxable income and is a way of restoring your personal tax allowance. You get back your 12, 5, 7.
