Nevertheless, it is important that you take responsibility for your financial future to ensure that you don’t make decisions, either intentionally or by omission, that you later regret.

With limited time, you will want to be confident that when you do seek advice you are working with a trusted and experienced financial professional; someone who not only provides holistic financial planning for your overall needs, but someone who also has an in-depth knowledge of the complexities of the NHS pension scheme, and who understands your unique priorities.

Here at Succession Wealth, we have a long history of working with medical professionals. Our experienced Wealth Planners provide bespoke advice which is tailored to your specific circumstances. We will help you to achieve a clear view of your current situation and where you are heading, and we will then implement a strategy to help you achieve your financial goals.

Holistic financial planning

We take a structured, five-step approach to financial planning. As part of this process, your Wealth Planner will help you to determine how best to protect your wealth, maximise your assets, realise financial opportunities, maintain your lifestyle, and manage risk. Your plan will be designed to give you peace of mind that you have covered all of the bases, whilst also being flexible enough to keep pace with any changes you might face.

Understanding your retirement options

The NHS pension scheme is renowned for its complexity, encompassing various tiers and contribution rates. Understanding your options is crucial. Timely advice from an experienced Wealth Planner who is fully conversant with the complexities of the scheme will ensure that you optimise your contributions and ultimately maximise your pension benefits.

Changes to the Lifetime Allowance (LTA) which were announced in the 2023 Spring Budget, mean that you can now contribute as much as you like to your pension schemes without fear of being penalised for exceeding the LTA. This is particularly good news for medical professionals who have amassed pensions of significant value and may open up new working and savings opportunities.

Any retirement planning also needs to look at your wider circumstances, including other personal pensions and additional investments, and both the funding and tax implications of these. It may be possible to reduce some elements of your tax liability with the careful use of pensions.

Our Wealth Planners will work with you to gain a detailed understanding of your particular situation and your goals before providing comprehensive, independent advice on the options and opportunities that are available to you.

Tax planning and tax efficiency

Reviewing your situation to identify tax planning opportunities is a key component of the financial planning we do.

By improving your personal tax efficiency we will ensure that you are not missing out on opportunities that could reduce your tax burden.

More money in your pocket means that you should have more to enjoy, invest, save, or pass on.

As part of our review we will help you to stay up to date with changes in tax legislation, enabling you to:

• Consider ways to reduce your taxable income while saving for retirement.

• Identify if Inheritance Tax (IHT) will be due on your estate and implement arrangements to minimise the tax payable, including options for transferring your wealth in a tax-efficient way.

• Monitor your current tax strategy to ensure that it still works for you as your life changes, highlighting when adjustments are needed.

Protection

Financial security encompasses protection against unforeseen circumstances. Robust insurance coverage, such as income protection and critical illness insurance, safeguards against potential disruptions to income due to health issues. Adequate life insurance protects your loved ones in the event of unexpected death. For those running their own surgeries, business and key person protection is also an important consideration. A well-rounded protection plan will provide you with peace of mind, allowing you to focus on your profession without constant financial worries.

Investments

Investing your wealth, when managed the right way, can bring you closer to your life’s ambitions. Our Wealth Planners can help you to build and manage an investment portfolio which is aligned to your goals for your life and business, and which matches your attitude to risk.

Generational planning

Generational planning can help to facilitate the smooth transfer of your wealth to your loved ones, in line with your financial plan. We will look at how to structure your assets in a tax-efficient way and consider the most appropriate time for any transfer of wealth to take place.

A trusted adviser with you for the journey

In conclusion, effective financial planning for doctors involves a comprehensive approach, addressing the intricacies of the NHS pension scheme along with overall retirement planning, protection, investments, and estate planning.

Seeking guidance from a Wealth Planner who specialises in the unique needs of medical professionals ensures a tailored strategy that aligns with the demanding and rewarding nature of your career.

Please contact us if you would like more information or would like to be put in touch with a local Wealth Planner.

Please note:

This article is for general information only and does not constitute advice. The information is aimed at retail clients only.

The Financial Conduct Authority does not regulate advice on taxation or estate planning.

This information is based on our current understanding of taxation legislation and regulations. Any levels and bases of, and reliefs from, taxation are subject to change. Tax implications will be based on your individual circumstances.

The value of your investment(s) and the income derived from it, can go down as well as up and you may not get back the full amount you invested.

FP2025-149 – Last updated March 2025