Secure Your Family's Future: NHS Pension Benefits

Suppose you tragically pass away. We're not hoping for that, but if that happens before retirement age, your spouse and your children will get a lump sum payment. And this is one of the benefits of the NHS pension that is not basically available in most other defined contributions. Pensions number seven, tax efficiency. I love this one. So pension offers one of the most tax efficient methods for saving towards retirement and the NHS pension scheme is a prime example of this. When you contribute to the NHS pension scheme, you receive tax relief at your highest marginal rate, which means you can save more for your retirement while reducing your overall tax bill. The current taxi, the Allowance stands at £60,000 providing you enough room for contributions. I remember during a recent money wise doctor session with 20 GP partners we discussed strategies for optimizing pension contributions in a tax efficient manner. So most GP partners can make contributions both as employers and as employees. This is very tax efficient.