Medics Money podcast Ep 283: NHS Pension Explained 2025 - with Dr Tony Goldstone
Aug 5, 2025
Dr. Tony Goldstone, a radiologist turned pensions expert, and Andy Pow, a seasoned medical accountant, dive deep into the complexities of NHS pensions. They discuss the shift from traditional to defined benefit schemes and the impact of the tapered annual allowance. The duo uncovers the complications surrounding the McCloud Remedy and shares the administrative challenges faced by doctors. Their practical advice encourages healthcare professionals to stay informed and actively manage their pensions for a secure financial future.
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Brown Envelope Awakening
- Tony Goldstone's pension expertise began after receiving a shocking tax bill in a 'brown envelope.'
- This personal experience propelled him to develop pension tools and advocate politically for doctors' pension rights.
NHS Pensions Tax Complexity
- NHS pensions are defined benefit schemes where taxation depends on pension growth, not contributions.
- The tapered annual allowance created perverse incentives, making extra work sometimes result in financial loss for doctors.
Complex Pension Growth Calculation
- NHS pension growth calculation involves a complex formula based on pension value times a factor, which determines tax liability.
- Recent changes now allow negative growth to offset taxable growth, correcting previous unfair taxation issues.