Looking for a tax advisor

[Deleted User]

Jo1923 said:

I didn’t even realise I could increase my nhs pension contributions, I don’t pay pension on my agency work - do you think maybe I should ? Would this help? 

There used to be an option to buy added years in the NHS pension scheme - long since closed. There is, however, this option:

https://www.nhsbsa.nhs.uk/member-hub/increasing-your-pension/additional-pension

In my experience this can be very expensive depending on what age you are. 

There is nothing to stop you paying into a private pension though. 

Just one point though. If you are receiving additional earnings from an outside agency at that level you would not be liable to pay National Insurance. This only comes into play where those earnings exceed £242 per week. So, the deductions would be 40% tax only. 

Jeremy535897

You ought to be able to pay in a one off extra sum into your pension scheme, not any specific percentage. Nor is it too late to do something about 2022/23, so long as any payment to the pension scheme reaches it by 5 April 2023. Have a look at the RCN website pension page:
https://www.rcn.org.uk/employment-and-pay/pensions

[Deleted User]

Jeremy535897 said:

You ought to be able to pay in a one off extra sum into your pension scheme, not any specific percentage. Nor is it too late to do something about 2022/23, so long as any payment to the pension scheme reaches it by 5 April 2023. Have a look at the RCN website pension page:
https://www.rcn.org.uk/employment-and-pay/pensions

Indeed but, as I said, it can be expensive. For example, a 50 year old on the 2015 scheme who wishes to purchase an additional £2000 of pension would be required to contribute a lump sum of £26160. The £2000 would be payable from SPA.

The link that I provided explains the process and has a very good calculator.

Dazed_and_C0nfused

With taxable earnings of £60k and HICBC a factor it would be very tax efficient though 😊.

The real cost could easily be sub £20k.  Not too shabby a return for a one off outlay!

[Deleted User]

Dazed_and_C0nfused said:

With taxable earnings of £60k and HICBC a factor it would be very tax efficient though 😊.

The real cost could easily be sub £20k.  Not too shabby a return for a one off outlay!

Indeed - when compared to others. It should be emphasised, however, that, unlike the NHS pension prior to 2012 (when the 2015 scheme was first muted) one has to wait to state pension age to draw the pension. 

There are also significant rules with regard to lump sums at retirement. Under the old rules one received a pension equivalent to 1/80 of final salary multiplied by length of service in addition to a lump sum of three times that. 

Under the 2015 rules there is no lump sum unless one agrees to commute their pension. Each £12 of lump sum reduces annual pension by £1. 

That’s quite a difference.