Will I Lose My NHS Pension if I Move Abroad?

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NHS Pension scheme

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Summary
In this conversation, Dr. Ndubuisi Andy Egwim, founder of Moneywise Doctor discusses whether doctors should opt out of the NHS Pension Scheme.

He explores the pros and cons of staying in the scheme, including guaranteed income and retirement, employer contributions, inflation-proof income, no investment risk, benefits for health and disability, lump-sum death benefits, tax efficiency, protection against longevity risk, portability, and peace of mind.

He also discusses the potential drawbacks, such as lower take-home pay, limited control, changes to scheme rules, potential future taxation, the impact on the lifetime allowance, and reliance on government funding.

The conversation concludes by encouraging listeners to weigh the pros and cons carefully and seek advice from a financial advisor.

Takeaways
- Staying in the NHS Pension Scheme provides a guaranteed income and retirement, employer contributions, inflation-proof income, and benefits for health and disability.
- The scheme offers tax efficiency, protection against longevity risk, portability, and peace of mind.
- Potential drawbacks include lower take-home pay, limited control, changes to scheme rules, potential future taxation, an impact on the lifetime allowance, and reliance on government funding.

It is important to weigh the pros and cons carefully and seek advice from a financial advisor before making a decision.

Chapters
00:00 Introduction to the NHS Pension Scheme
01:09 NHS Staff leaving NHS Pension scheme
02:45 Why I don't contribute to the NHS Pension scheme
03:39 NHS Pension members' contribution
04:15 NHS Pension scheme benefits
04:28 Guaranteed Retirement Income
05:09 Employer Contributions to NHS Pension
06:31 NHS Pension is Inflation Proof Income
07:22 NHS Pension has No Investment Risk
08:34 NHS Ill health pension benefits
09:37 Death in service lump sum benefit
10:20 NHS Pension Tax Efficiency
11:48 Protection against Longevity risk
12:19 Can I Transfer NHS Pension Between Countries
13:11 Peace of Mind with NHS Pension
13:48 Disadvantages of NHS Pension scheme
13:58 Lower Take Home Pay
14:25 Limited Flexibility and Control
14:46 Changes to NHS Pension Scheme rules
15:08 NHS Pension Future Tax
15:26 NHS Pension Impact on Lifetime Allowance
15:52 Reliance on Government Funding
16:24 State Pension vs NHS Pension
16:35 Private Pension vs NHS Pension
17:10 Conclusion

DISCLAIMER:
This channel is for educational purposes only and does not constitute financial or legal advice. Tax rules including allowances and rates, are subject to change.Discover the financial support your loved ones can receive in case of your tragic passing. Learn about the tax-efficient savings and lump-sum payment available through the NHS pension scheme. Ensure your retirement planning is comprehensive and provides peace of mind for your family. #NHSbenefits #FamilyFinancialSecurity #RetirementPlanning #TaxEfficientSavings #LumpSumPayment #SecureYourFuture #NHSpension #FinancialSupport #PeaceOfMind #RetirementBenefits