Medics Money podcast Ep 306: Goldstone Annual Allowance prediction tool
Jan 13, 2026
Dr. Tony Goldstone, a radiologist and pensions modeller, dives into the intricacies of NHS pensions and the dreaded annual allowance tax bills. He introduces a new web-based tool designed to demystify pension calculations and tax liabilities for healthcare professionals. The conversation uncovers the complexities behind defined benefit schemes, the £100k tax trap affecting take-home pay, and the perils of employer errors in pay allocation. Listeners learn about proactive strategies to manage their pensions effectively and navigate potential tax traps.
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Transcript
Episode notes
What Sparked The Tool's Creation
- Tony first got interested after getting a brown envelope and realising the AA produced five-figure tax bills for peers.
- He built spreadsheets and later a web tool to help colleagues avoid that financial shock.
How NHS Pensions Really Work
- NHS pensions are defined benefit schemes based on pensionable income and service, not individual contributions.
- That structure makes annual allowance calculations fundamentally different and more complex for NHS members.
Use The Free Web Tool For In-Year Estimates
- Use the free Goldstone web tool with a recent TRS and payslip to estimate in-year pension growth and potential AA charges.
- Do this now to produce the figures HMRC expects and to avoid guessing on self-assessment returns.