Medics Money podcast
Ep 180: Common NHS Pension Mistakes - Expert explains
Oct 17, 2023
The podcast discusses common errors in the NHS pension system, highlighting the financial implications and tax charges. It explores the complexities of pension calculations, offers remedies for mistakes, and emphasizes the importance of accurate record-keeping. The episode also covers pitfalls in recording additional work, ways to avoid errors, and challenges GPs face with PCSE and record inaccuracies.
30:20
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Quick takeaways
- Identify errors in NHS pension records to avoid overpayment of taxes.
- Proactively review TRS statements to rectify errors like incorrect pay calculations and misallocated awards.
Deep dives
Common Errors in NHS Pension Records
The podcast discusses the most common errors found in NHS pension records, which can lead to significant financial consequences for staff. Examples include inaccuracies in calculating annual allowances, such as the 'Best of Three' error, misallocated awards like clinical excellence payments, and issues with pay normalization for part-time roles.
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