FY1 Survival Guide: Pay and Finances



This webinar is a must-attend for all medical students and F1s! We will be discussing essential topics like contracts, finances, and pensions. We will have special presentations from the BMA's representative.

Learning objectives

1) Understand the different components of the British Medical Association (BMA) membership. 2) Identify common issues associated with the review of medical contracts. 3) Learn strategies for ensuring compliance with medical contracts. 4) Develop knowledge about the BMA's Check Contract service and how to use it to support medical financial affairs.

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Computer generated transcript

The following transcript was generated automatically from the content and has not been checked or corrected manually.

and that's that's going live. And everyone I hope you're doing well. Welcome to our seventh one of the Webinar one Survival Guide Siris, before we start on the scrotal Welcome, Daniel, who's representing the DMV for a short walk? Okay, cool. Thanks. Yeah, guys, down from the BMA. Um, congratulations once again on becoming doctors. And I hope you're looking forward to the next few weeks and months. See, I said just for just for begin. You see this summer, overwhelming text on the screen? Yeah, this is the biggest. The biggest, awful way better heart of the PM So yeah, I've been already a member. You can join the and you get free membership until October the first. So that's three months of membership. The war is a vial free months and vital to be a membership. Yes, I don't miss out. We'll do. Is is used that QR codes on the screen or pulls up a link in the chat on get you'll get the three months free. So you need for that link. Don't deviate. And you you still need to join. It is there's a final Yes. You need to still put down your med school or not? No. The doctor just yet. But it will carry on into doctor membership over the next month or so. So don't worry about. Also, you'll get you may get prompted that you're gonna pay a certain amount of some point. So I think about it. Might say your first payment's free pounds something. But don't worry that that will be waived as well. Every other, every other payment until October, just like you always use for that, like on the And then from October, membership would be 9 lbs like the one a month. But you get a big tax relief. Paxil works about 7 lbs free month after office, actually on getting counseling time. So So you don't have to stay a past October. We don't want to. You can stop anytime, you know, fix pops. We do hope that you stay gone then See, I use like you are on screen or the link. I put the chart and you get a free membership. I don't see it. So just a little bit about membership. I'm sure you remember being a member. Some point so you know about the BMA? Is somebody still get this is part of membership, so there's a little bit of refreshing. Have you might use well, so we'll see the leading trade union pressure. Also, she she stops and misuse. In UK, we act. Is the voice the freshness of reps a new on an individual, local and national basis. Eso while I'll be your job to the car to patients were hit it like after you. Sometimes we get this confusion with indemnity companies that people like MD or NBS way don't do of patient thinks when we're union. So we're not a devotee with it to the cath. To you you're working a dish things like pay contracts, your professional better. And also you will be So you get those of you who are who are members. You may have heard a way that we're looking to buy a lot. Members were reviewed industrial action that start of next year. So So that is going ahead. So even more reason to be a member on one. So we start striking. Um, they may library another benefit of membership. So you guys 1000 bucks and journalists bus reach out services which can access it anywhere you can get all of that for our website. Clinical key is, is a new tool. So it's a medical search engine make and such conditions get guidelines and watch stuff. Is that procedure? Radios which agree useful tools Have any pocket when you when you don't get the up, um, membership will Celexas to our clinical non kind of learning tools. They got a Lexus to be in jail earning, which has a 1000 clinical long for Marshalls. They're also courses and modules helpful for completing your your people failure. People find that when you get one on this very interactive and kept up to date with practice changed developments on also for each module you do. You can also print off Sticker is proof of learning Well, very early, perhaps to be three thing about this. But maybe maybe you are a good thing about it, especially options already. You can use our special explore tool to help you get that big of a better picture of what's suits you best s. So it's an online psychometric testing, which takes about 20 minutes complete on Daskal sorts of work life balance questions that will give you a detailed report distinct upset, especially accordance. The answer is given. It's just really, really easy to use covers, especially the reports always very thorough of lots of NASA's. Your aunt is most of graphs and what, not way have a really good well being service. So it any time you feel like speed something about your well being, our services, they're open 24 7 and you know everyone students, more doctors on our challenge. To be speaking to you is a counselor or piss foot doctor esos appear. It's a telephone based service and we do offer really cause weight for that on Well, so make sure you speak to the same counsel or piss poor doctor again. It's more single quarter services to cells s. So it's completely confidential, like set free of charge of neighbors, everybody. So regardless of whether your membership or not, so anyone street to use it a day or night. Okay, The the probably biggest thing so about say is is our contract checking service, which can save you time, takes quite a bit money? Yeah, probably. Keto. You need to be removed from most of the moment. So I'm assuming you forgot your contracts at this point on get we'll check it again in five waking days, comparing it to the national model, which we negotiate back to twice 16 and 2019, hopefully again in 2023 on there. Any issues we can, we can help get the side s so it's it's not. It's not on purpose, but actually it's going be slipped into your contract or a word. It could be changed toe mean something different about it should say on which will make sure your contract's correcting your game. We should be eso this time last year, 25% the contracts we checked were incorrect of one and four. It's just massively high numbers, so so do let us check it before you sign it on. But yeah, if you do sign it and we can still check it, we can still help. But, yeah, it's it's it's easier for for you if we see it first before we sign it. So it's a do send in on. Yeah, we do seem to have problems with trust in the contracts. They give up. Uh, also, you can check your your rate is compliant by by using our road trying to also that with that one you can enter your right onto the toilet flag up to us that it's wrong. And again we can get involved with their name. She's just a few things to go out of you. We take 5600 contracts last year, so it was mainly around inductions. We have, like, 25 centers being wrong. So so one and four s. Oh, yes, I do. Do you send it in to us? We started to get it checked on Beacon. We can step in and then some sort for you. We've got people in the ground, every trust in UK eso So they know who to speak to him, how to get a rectify it very quickly. And we always do get rectified. Um, way managed. Almost 21,000 do those cases last year. We see most things before so before himself to use some support, anything, any kind of issues. You come straight to us and we'll help you for it on yet we have We have great people, the ground, like said Ultram on We've got ratios with HR more lot and how you can get help and support it takes you, like, very quickly if needed. Also, we checked 1600 writers. Right? Should be more standard in the contract, but yeah, Still still get them checked A psa, this thinking that sometimes be wrong. I'm so wrapped up there. So as I mentioned to start, if you remember, it's good days. Joints will get three months free. So Freedom ship until first of October. And before that, QR codes simply, or the Lincoln that in the chat on debt join. Get your contract checked, at least, is what I would say a row checked at least twice a half first whatsoever. Hope you stay on for for potential industrial action. Be at least they into October and get getting self self storage embedded in, um And you see, after that, um, yeah, just remember, is low if you are. If you are gonna join today, just still, drawing is a student. The system Get confused. If you try and put yourself is enough one already. So, yes, there's still join a student in your medical and I carry on over into into, uh, f one memberships. They still get all of this the same. The same benefits. Okay, that's it. I'll stop there on my past. You back? I think so. I was going to talk. Thanks very much for you. Talk down. Your is really useful to know how the be American support incoming doctors I'm talking to you about that would really recommend joining the BMA know with the excellent deal that's going on. Oh, it's only been very useful for me this year, Um, now on to today's talk paying the finances, and it's going to be delivered by my colleague doctor. So I show him his head of surgery, finance and cure. It might not sleep, and she's also in the unique position of being a former accountant. Just a reminder that this weapon I will be recorded and uploaded to Meddle is what is the mind of you to channel. Please remember to ask questions in the chart will make sure to get through your liver. The end, Um, you can also signed for free week or webinars a poster linking a chat. I will also opposed to link for the feedback form in the chatter. The end fortunate Guess difficult of attendance your portfolio on. Without further ado, I'll pass over to Sira. Thank you so much. Bye, everybody. My, um Sira, Um, for introduction for me. There s so I'm going to be talking a little bit about a A and finances are touching. Did contracts. I'm going to touch on pensions a little bit. Um, please drop all of your questions and the chat. I will come back and answer all of them on. I'm going to share my screen now so that you can seeing my presentation. It's not very long because I've left plenty of time to questions. So, um, anyhow, when you can Could you just couldn't firm you can see my screen on it is presenting in full. Hi, sir, I can confirm I can see your screen. It's presenting. Thank you. Right. Unless, uh, been and interrupt me, I'm going to assume that it's sharing just fine. Um, everybody can see this. Okay. So I always thought you tell you a little bit about vision. Over the last 10 years, it has been cut in Realtor MZs, which we kept up with inflation by about 22.4%. We're paying being paid 2.4% less than hour. Counterparts up to 10 years ago. That information, um, we cost of living crisis. House prices are high cause it's a higher money hasn't paid. Hasn't inflation means that we're advantage compared to up. Here's 10 years ago. But we are dealing with more more problems. More stretch NHS to me than oh, so put doctors, vote Doctors Association UK and I'll just eating as well as Onda. Uh, that's what I'm doing here. So a little bit of pain. Nice. Okay, so every Yeah. I don't know. I think some people unable to see your slides okay on the order is a big issue for some people as well. Can you? Can you see my slides? I can see your sliders. Yeah, but I think Okay, so it might be something on there. And because if you conceive it, then then the the whole loops working now they consume Well, thank you. Um, basic f I won't pay. We have something called an H s pay circulars. They're released every year, just before the tax year. Our Taxotere runs from April to April. Um, Andi, you are paid. Goes up about 2.2% each year on every year. they release the new circulars. So for the year of 2022 to 2023 England's basic salary is 29,384 with the London waiting of 3461. Scotland's is 26,000, 462. Northern Ireland's 25,563 on Wells is 25,000, 563. I can't tell you how they justify. The difference is, um I guess they take into account the cost of living there. Thea other thing is in Scotland, Northern Ireland, Wales. They use a different system to remain your eight, you for the evenings and weekends that you do. So in England, we have premium, which I'll go through in Scotland, on Northern Ireland. Wales, we have bandings, which I'm not going to go through just. Yep. So I turned to get the order is a big itchy for everyone. I think it just started closing for me as well. Are you able to you Mike often on? Yeah, of course. One second. Okay. Is that any better? Something longer. You bet. Any home? It's a little bit better. Is that better? If you guys can you sit on the chair, please? I think it's a bit better. Yeah, we can go way. Okay. Um okay, if you're if you guys are okay for me to carry on as it is now, I'm more than happy to, um otherwise I can try and solve some some headphones. Um, Craig says it's listenable. Uh, that's acceptable. Me? Um right. Stop me if you're not happy, I'll carry on, right? Yeah. Bending's. I'm not going to go over, but because of an interest of time, I think it would be useful to know about banding. So I'll try and create a little infographic that you can if I'm on instagram at the Finance Medic. So actually, that's I'll try and produce it. Infographic, about bandings. Um on. So these are the paste circulars I was talking about. So this is an example of the 2022 23 pay circular for England on, as you can see, hear a foundation year, one doctor makes 29,384 lbs on down. As you move up based on your grade, you make the given amount of money. Um, what I like about this is it makes things very transparent. You know what you're supposed to be paid on? Do you know that you're being paid the same as your colleagues to an extent. So I did go over this, um, in my previous bourbon on else, Very briefly. Just go over it. Now. We should receive at least four days of paid shadowing at a basic f Y one salary for the hours that you've been shadowing. And so the B M A. Has given a guide to trust that you should calculate this based on a shadowing period of 32 hours at 4. 50 of the full hours or 4 40 hours at which the F Y one doctor will be paid. So that's how they calculated. So they have to use your new F y one basic salary and they have to base it as if you were doing 40 hours on. Then the allergy rate is based on that enhanced hours. The ones that attract premium is anything between nine PM and seven AM on any day of the week on a night shift. Um, it does count for your entire shift So if you start at eight o'clock, um, then you still get the 37% for any hours from eight o'clock up until 10 AM the next day as your night shift. Those are all at 37% enhanced. You get a weekend allowances well on that's based on a percentage on. So, for example, in my conversation, I work one in three weekends with one of them one and four. So my trust, despite me, working most of my weekends one in three. Um, I get paid 7.5% premium because one of my weekends falls at one in full. And your trust will probably do this too. Um, so that's how they calculate the premium that you're on. But just double check your rotor on. Make sure that you know they are, Even though that you know, the trust, we're going to go with what they can get away with. Make sure that, yes, at least one of them is one in four. To justify that. The percentage that they've used key terms I wanted to talk to you about So gross pay is paid before tax and deductions. Net pay is your take home. Pay the pay you get. After all your deductions and tax has been made taken. Your pensionable pay is not your total pay. Your pensionable pay is your basic pay. Um, so that's what they base your calculation on, um, Andi pa Wii's pays you earn. It's the income tax model that's used by employers on national insurance contributions. They are quite high. Um, and I thought the nicest way to talk to you about pace, lips and pay is to show you mine on. I want this to be on example of us sharing on talking about our money and talking about PE. You all know what pay scale I'm on. I'm enough white one. You can go to the Pacer kilos. Um, didn't find out for yourself. You know, all my colleagues know how many weekends I'm doing. Oh, they'll know how many nights I'm doing. So it's not a secret on, actually, by sharing these things by comparing pay slips, you can then pick up mistakes on you can pick up when things haven't been done correctly, and you can action them quickly. Um, Andi, just sort of a little bit out of, um, the NHS environment. Historically, it's been taboo to talk about your pay on. That's a culture that's been driven by companies so that they can get away with gender pay gaps. They can get away with paying certain employees more in certain employees, less on that kind of dialogue needs to change because we need to make sure pay is equitable and equal for everybody. And if we do keep these things close to our chest, we might be the ones who are actually suffering because our colleague might be making more than us for not very good reason. Okay, so I'm sorry. I'm sitting at a really weird angle because my dog is on my lap and I'm not moving. So the your your tax code should be 1275 l That is representative of the fact that the 1st 12,750 lbs off your salary is tax free. He only start to get taxed above that amount. The reason minds a little bit different. It's 81 to 83 is because I've applied for some tax relief, which I'll tell you about on expenses that you can attract tax refunds. So this would be my MRCS exam, my GMC fees on my RCs, the's on my ass. It fees they're all tax deductible. So by applying for those, my tax code goes up slightly. Which means that during the year I get taxed a list. So I my threshold is a little bit higher to make up for my tax deductible expenses, and then I start to get taxed. After that, it's not very much as you can see, but it's worth doing. The easiest way to do this is online. You sign up for a government gateway account, Um, and that way you can see your income tax accountant with a jealousy you can apply through their own line portal for tax deductible expenses. Onda. What I recommend in that situation is you keep a spreadsheet off all your tax deductible expenses and whether you've applied for them on up because the hatred Marcy system is very clunky. Um, on did. It doesn't tell you what you already applied for when you go back and apply for something else, so you need to kind of keep track of it yourself. So keep a spreadsheet. Sometimes it might be the best thing to do would be to keep a spreadsheet and then apply. Just before the end of the tax here, I'd recommend just doing it as you go along. Um, because I'm that way you can utilize it, you know, all the way as soon as you had it, rather than a the end of the tax here. And then they have to re calculate and apply it to the next taxi or in his big complex. Then the next thing lets. That's that was about tax code. Anything with accumulative is not emergency tax. That's a good thing. If yours says non cumulative or ends in a bee or a T, it means you're being emergency taxed and everything that your earning is taxed a 20%. Um, and that's a hefty tax bill. The best way to deal with that is to get your government gateway account see what information hit you Marcy has on you on. Do you see why they've reached that conclusion? In my case, I have had this issue before. Where I was still up bank. While so I was in medical school on because it was still showing is an open employer. They assumed that my new employment as a junior doctor was additional on top of this on. So this one was being emergency taxed. So then I have to go back, ask the bank to take me off bank. They removed the updated hmrc hmrc, then updated that this is my only employment. And then I had the tear it correct tax code. So you have to do all of that. If your tax code is not correct, The good thing is you can at least do it through the online HMRC portal rather than having to sit there and bring him, which is a really pain lesson. They are overwhelmed, just like we are on there. Call center is a very busy, whereas you can actually very quickly contact them through that. And they get back to you fairly quickly is what I did mine all through the online portal Onda. Lastly, keep a copy of your pace like every month, all pay steps and our digital that done through yes, R s. So just keep a copy, Pdf. Because you will be surprised how many times you need it for rent for mortgages, for I need it for my phone bill. um, so just keep hold of it. It's really Waas collecting them and making sure you have a good record of thumb. Let's look at my pace. Lip in detail. Pitons weren't so my basic pay, which is, um, 1/12 of my salary to 93 or four on that. Is it a basic standard hours off 40. But actually, the average weekly contract for a junior doctor is 48 hours. So this additional rostered hours reflects the additional 48 hours a week, and that's paid at the same rate as your average hourly rate for 40 hours. I then have night duty at 37%. So this gives me what my night duty is a 37% Um, and then my weekend premium. So the one I'm showing you is may. So it was the crossover I started in April. My new rotation is this April May. This one is April. So because I started my new of rotation in April, I had a cross over where my GEN bad rotation was one in three slash one and four on my current rotation is one in four slash one in five, so they kind of. That's why it looks a bit confusing here. But most of your pain steps will just have the one. Depending. On what? How many weekends you work. And that's more or less what you get in your PE side of things. Then if we look in deductions, you get your pay. I pee a y e So pe is, you learn. I know it looks I watering for me as well, you know, Look at these deductions. Um, than national insurance is there is. Well, jeez, um, and any chest pension is a 9.3% reduction of your pensionable. Um, I'll talk about any chest pensions, a tiny bit more of it later and then student loans. So remember that if you only have one degree your student loan, you don't start to pay it back until the April after you graduate. I had another graduate degree, so I started to pay it back from the April that I started work because that's where Well, ovary, A year since I graduated that last degree. So just keep that in mind that some of you who have previous degrees will have student loan deductions. Um, okay, so that's pretty much a pace lip. This is sort of like just a summary off the periods so far, and it just keeps track of all what you paid so far. Um, the main things to focus on is to make sure your deductions the correct your tax code is correct. You have been paid correctly for your night duties and your weekend premier on then. You know I don't have it all here, But if you've exception reported, I think this one is exception reported. This this bit here that extra I think I did an extra hour or something that will turn up here is well, so just make you keep an eye on this side to make sure that it reflects correctly what you've been working. So pensions. Um, a pension is a tax efficient way. Teo, save for your retirement. How it works is you contribute a certain percentage on I put them here. Based on what brand do you fall into, um, in terms of your pensionable pay. So our pensionable pay is here between these two figures, so we pay 9.3% and it goes up no more. You on on, you pay that into a pension scheme. The any just pension skin. Um, employer also contributes. They contribute 20.6% which is pretty damn good. Um, Andi, you don't pay tax on it just yet. When you draw it down as a pension payment after you retire, it's done. Treated his income so you pay income tax on it then, but you'll be paying less income tax on it. Then then now, because that little bit is from your extra. So you're taking it off from your highest tax taxing amount to now lower taxing amount because you still have your whatever will be the tax free relief, whereas so as this 12 7 50 at the moment it's frozen for the next two years whenever we retire, whatever that tax free threshold will be, so you still get that and then you stop. Stop being taxed over that, but obviously that amount would have pushed you into a high abundance in this situation. So it's a taxi, a fishing way off having a payment for retirement. The beauty of the NHS contract pension scheme, compared to the any other private pensions game is that you are paid until your death you in ah, private pension scheme. It's called a defined contribution on. It means that you put your contributions into a pot. Your employer put some contributions into a part. That part is invested in the stock market by the pensions manager, which means it's a risk you can go up or down on when you start to draw down your pension. You whether money runs out, it runs out, and you might not be any when you're dying yet. Um, so that's kind of the issue with private pensions, which is why some people tend to have more than one. Where is the NHS pension? It keeps paying you until you die. You on your payment isn't based on how much you paid in the NHS contributions. The pension contributions that we make is almost like a fee for being part of this game on the calculation of your pension payment is based on an average of how long you've works and how much you've been paying on. How about how much you've been paid. So it's based on your salary on your the length of your career on That's how it's done. So a lot of people ask me, Should I stay in it? Should I go in it? And a lot of people, you know, I get different people who have different life stories with, um I always say, if you're planning to be in the NHS for the very short term, maybe not because you're not gonna benefit very much from it. However, if you're planning to be in the energy just for more than I'd say 23 years, I would keep contributing to it because it is inflation busting on. But it is a very good pension. So just have to think about that. If you're starting to doubt whether you want to be independent, the allergist pension or not, have a solid alternative retirement plan. Talk to an independent financial advisor. Talk to your family and friends who may have already had a very good retirement plan. Don't just make a knee jerk decision to opt out of the NHS pension. You can up back in within five years. So there is that. So at least you know, if you feel like you've opted out on you had these great plans to do something like investor or by a property on that didn't work out. You can always up back in within the five years of opting out, so it's a bit more flexible. Whereas they they didn't let you do that before. So, yeah, that was a whistle stop tour in finances because I wanted to leave lots of time for questions. So I'm going to just have a look at the charts, right? That's about it. Cost of living in London is higher, so they get paid more. According to that, extra money was London is extortion. It's 11. Yep, Absolutely. Thank you guys. That was really helpful. We'll decide to be available. Absolutely. This will be recorded. Um, are there any additional allowances working my college days and Christmas Day? Suddenly not eso Jeremy Hunt made all days the same for us, which is really nice of him, um, for working on a bank holiday. Or if you're zero day is all a bank holiday, you do get the bank holiday back as toil is time off in blue. Um, so you can take that at another time. A day? Your convenience? I worked Christmas on Boxing Day last year on I got that back at a different time. are. There are additional rusted hours only given on weeks. You work more than 40 hours? No, not necessarily. It's kind of split across your rotor because they already have a work schedule. So they know on average how much you'd be working. So there will be week. Sometimes where I work for TI to 23 hours and then they'll be weeks where I work around 71 hours. Um, on it it's all kind of averaged out in the pace lip, because when they do the calculations, you're working on average of 48 hours a week. And so that's how you'll be paid. Do I am just get their salary. Pension does well. Yes, they do. So you are automatically opted into the pension scheme unless you want to opt out on the thing about I am Jesus. Well, so you if you decide to leave the UK and go somewhere else, then you can actually have your pension payments sent to wherever you're living. Um, theater just will send the money to wherever you will to a bank account wherever you will. Um, what happens if we die before we can claim our pension? So if you die in service, which is basically before you retire and start drawing down your pension. The Energies Pensions game has a death in a death in service lump sum that goes to your next of kin that you've nominated. It's usually double your annual salary. Um, as a lump sum. Um, what happens to the money there goes? It goes to your next of kin. As long as you've nominated the next of kin you get, they get a lump sum. If you die in service, can you be paid any just mention in the UK bunk time? Yes, you can, um, they will send it to wherever you want them to send it. Assuming you work in the UK for only future three years, then want to leave. Can you get the money? You break back into your pension? That's a really, really good question. And yes, you can, um, you can claim back the value off the pension port at the time that you're getting it, which will always be not very much because they want to discourage you from doing that. So I have not in this case. But I have previous pensions from a different employer. But I was only with them for a year and a half, and I kept coming and orange and I just leave it there. Or should I just take the money out and invest it? And it was only something like 1200 lbs. Um, and so I decided to take the money out, and I invested it instead. Um, because I just ah, the on actually the pension port at the time who was worth double that. So you can have a You know, I thought I'd rather have 1200 lbs now from a 24 100 lb tension part. But as the money increases, the value increases. You need to think twice off whether you want to sacrifice the value or not, so it's very, very individual. But yes, you can get the value of the pension part if you decide to leave and want the money that you paid into a back. Where can we find a list of taxes? Optable courses and expenses? B. M A. The BMA website has one. You just google it If you follow me at at the Finance Medical on Instagram, I have ah infographic on what you complain back for, um, the best way. If you really, really struggling to just figure it out on the hatred Masi will either accept it will tell you tomorrow, um, they have they have all these registered institutions. So if it's an r C s expense, for example, or in our mess expense than that's on one of their lists, if it's not on one of their lists than you can actually claim for it, So that's an easy way to figure it out. If you can't, can you give us a quick overview of banding? My basic understanding is is based off the workload. So if the workload is crazy, you get 1.5 bonding well, that you've extremely yourself, actually. Great. Yes, a banding is actually based on how intensive they think that the rotation is. I have a friend in Edinburgh. At the moment on, she said that she's fallen foul of, um, they did this banding review on. They found that the workload wasn't as intensive, so they reduced her banding from 1.5 to 1, so they then had to she had to work in a banding of one, despite it being an insane rotation on day, she had to keep exception reporting to prompt banding to be reviewed so that the people after her could have 1.5 funding. But she never she will never get that paid back to her, despite having hard a really intensive rotations. I really feel for Heather feel for everybody on that system because it it doesn't really reflect how things are it, and it works in retrospect. So someone always gets someone always loses out because the only way they will review it is if you exception report because it's really crap. Um, and they'll change it for the next lot. But they won't change it for you from okay, I hope that answers that question. Sorry to get the any chest pension. Do you have to work all the way until the retirement age? Or can you leave if you was before, and so that you can leave a few years before and get it? So the NHS pension you draw down at state to pension age, so at the moment at 67 that's going to get higher. Um, on. So say you worked the NHS, uh, five years it is, and then you go and do something wonderful and amazing, and they're not the NHS. Um, when you retire, let's let's pretend it's 70. At 70 you start going down your pension. Um, Andi, you can just do that. That's absolutely fine. Um, I was told by a friend that my first six months you case and I enjoy our tax free. Is that correct? I really don't know. I'm sorry. Um, I have no idea. Um I don't know whether they mean the first six months in the sense. Um, will that will the first six months of pe come under the 12,750 lb tax? Really once, Um, so let's say mine was 2100 times six. Yes. Okay. It's based on the tax realize once. Um and so it's everybody. If this is your first job, it's not just about the first six months in the UK as an eye mg, it's everybody. Um, if this is your first job on, you haven't earned any money in that tax here yet. Then the first six months will be tax free because the first six months of your salary there abouts will fall under the 12,750 lbs tax free allowance. And then after that, you'll start to get taxed. How do you know what bonding your job is? My vote has mentioned. Anything depends where is your job? Because you only banding only applies to Scotland. Whales on Northern Ireland. If you're in England, it doesn't have banding. It has the premiums that I mentioned. Um, so, yeah, just come up to me with that one. Um, if if you are in Scotland, whales in Northern Ireland and they haven't told you what your banding is, that's pretty crappy. Um, and I would certainly go back to your rotor coordinator, um, and find out. Is there a limit to how many times you can accept you brought? Absolutely not, Please. Exceptional poor exception of what? Except report. It is the only way you will get visibility of what's going on on and and the exception reports are not only seen by your supervisors, they're seen by the garden of safe working. And it's really important that we do it. There have been moments where I've been discouraged from accepting reporting, and I've done it anyway because that's not okay. Um if there's a reason to exception report, you accept people. Um, second question you mentioned our pension pay is 9.3% and it's something about the trust contributing 20. Can you explain more about how this works? So basically, we contribute 9.3% of our pensionable pay on the NHS. Our our employer matches, um that by 20% on that just goes into paying the NHS pension scheme so it works a Zembrace ship be you. The reason I say it's really good is because it means that it's a more sustainable system. Um, when the pension contributions from the employer are feeding into the whole pension scheme on keeping it, um, in a way, sustainable in a way that we can't afford to pay everybody until they die. Um, where is in the public sector, the employer contributions can range anywhere from 13% to 16% on down again. I said that you know they go into a part in the port is finite, which isn't the case with ours. So in a natural, I really wouldn't worry about the employer contribution because it's not really changing the value off your pension pension amount. It's not changing the value of your pension payments at the end. It's just a point to raise the the NHS Employers have a more generous contribution to your pension scheme. Is there a max period of not paying into pension before or no longer eligible to contribute to mention? So if I was to locum is there a max time before I have to go back to working for the any chest? No, Um, I don't think so, But the best people to ask would be NHS BSA because this sounds really confusing the, um you wouldn't be. You wouldn't be eligible. I'm just really confused by the situation that you're describing. So say you worked in the NHS first for a bit, as as an employee, then you would be part of the pension scheme. Then you stop working in that and you still start working as a locum. Then you basically aren't working in the NHS on then. So you decide to go back and start working for the energy s. You kind of just pick up where you left off because you didn't popped out, so there's no reason they can kick you out. Um unlike I mentioned about the calculation off your pension payment the time that you're low comming well, just not be counted towards the calculation. So there's no max period in onset You a question? Um, you're welcome. Quick. Is there a maximum amount of money you can put in the pension scheme? There is not, um, you pay 9.3% at the moment, and then it goes up based on our pay. Um, and then you can also purchase additional years. And so if you go on the NHS bs a website, they're actually ways to contribute extra. If that's something you wanted to do, the reason you might be doing that is to try on and, um, give you a chance of drawing down your pension early. If you didn't want to wait for your, um, retirement age, the state retirement age or if you wanted to boost how much you're being paid in your pension, then you can do that as well. Um, it's something very common in the public sector to try and increase the size of the pension pot because, remember, I said, it's finite. It's not something that's commonly necessary in the NHS pension. But like I said, if you feel like I don't know, wait until what might be our retirement age, which is going to be, you know, 100. Um, you might want to buy additional pension years so that you can draw it down early. So if that's something you're really interested in, I would have look at the Energis Bs a website and see what options they have there. How come the average F Y salary or nine is 29? But all my friends contract, it was 39. I don't know who your friend is. I'm afraid so. I don't know. Um, how to use is it to stop your salary from being emergency taxed? Actually, it's not so hard. It really is not so bad. Um, especially with the online portal on the HMRC government gateway. It's really straightforward. So when I I found out straight away exactly what the problem was because it showed me who they thought my employers were, so it didn't take me very long to them. Go. Okay. Let me go back to bank the bank and tell them please take me off the bank. Um, yeah, it was It was actually really straightforward. I wouldn't, um I mean, obviously, I definitely do it. You want to be emergency tax, but it actually wasn't like, tedious. Um, so you can't contribute to pensions? Are working is locum. That's really complicated. You can contribute to pensions while working as a locum, however you have to. So when you're working as a locum, the reason the rate is higher is because they're not only paying you your basic salary, that also paying you what you would have paid in your pension because low compared isn't pensionable um on day also paying you, um, your tax that you will end up having to pay. If you were going to pension, you'll pay. If that makes sense, I don't explain that very well. Anyway, the rate is slightly higher because you're not making the same deductions that you would be on a normal pace that now there are some ways, especially if you're low coming with a new employer and you decide to locum for a particular period of time. So they put you on their payroll as a pa y e. In that situation, you can actually often to the to still be paying your NHS contributions. Um, but then that will make you, um, locum pace likely lower because they're paying you what you would have been paying into the pension. I'm if that makes sense in or not show. Yes, it is slightly complicated, but it is doable on it's actually a good idea. Um, what happens if you pass away before compulsory retiring age where your dependents be able to access it. Absolutely. So, um, this is I mentioned I I answered this earlier, which is, um, you have to nominate your next of kin, and they receive your death in service benefit, which is, I believe, twice your paid your your annual salary on they get that as a lump sum. But you have to make sure you've nominated them, because it's gonna be pretty hard getting hold of it. Um, I'm sure you know, your dependents can prove that they are your next of kin, but it makes it miles easier if you nominate them. Um, basic pay is 29 k night shifts on course holidays. It came up to 39. Okay. Is everyone okay with us? I thought we didn't get paid more for 100 day I was, though. No, we don't get paid more for holiday hours. Um, does. And he just doesn't. So it is covered all kinds of death. My goodness. You guys okay. Um, what do you planning? Ah, I genuinely haven't looked into this. Um, Andi, I can see where you're coming from. Um, in a nutshell. I don't want to say yes. It covers all kinds of death because I don't know for sure. The best thing I can do in this situation is go away and find out for you on Dyken. Give me all the answer, and then he can post it on Facebook. Pages on. He composed it on Outpost on instagram. Actually, a pretty nice post about dying in the NHS. Um, and I will find out for you. UK. Um how is locum tax? This isn't a locum. Um, this isn't This isn't a locum webinar move. Right. Um, if you take on an odd locum shift during after one of two perfectly sound of question, then you basically get emergency text on dive. Been emergency text. The reason for that is it's counted a zone additional employment, even though you're with the same, Um trust. So you get to pay slips, you get your normal pace slip, which is just your thing on. Then you get a second bank pay slip because you're doing the locals through their bank on, be in those your emergency tax. I can tell you by next year whether you get that refund ID or it kind of gets offset. Um, with you working, um, normally hit Macedo. It doesn't give a refund unless there's been a period of time where you have stopped earning exist on amount money. So the likelihood of them having to, you know, worry about you making more money than they thought is low, and that's why they'll probably do it. Um, usually, what they do is adjust your pay, your tax like set by step as you go on to try and even it out. So advice in that situation is keep hold of all your pace lips. Both your normal PE one and your bank pay one on at the end of the tax here, Um, have, ah quick look, to make sure that you haven't been over taxed on, the best way to do that is to calculate, um, how much you've been taxed on your bank pay slip. Um, and if that is about 20% that's correct, because your normal PE pushes you into that area. Um, no, your family won't get your pension. Um, that is so well, I can't remember what your question was. It sounded like your question was, if you can't claim your pension before retirement age, which is death in service, then they get a death in service lump sum. If you have started claiming your pension and then you die if you have a dependent who so really depends on you financially, so your financial dependent they can still get your pension payments. But this is very tricky in this area that used to be a system, um, which is kind of fading out at the moment where the men's pensions used to get paid to their wives, but not the other way around. Um, when the men passed away, the women continued to get the pension payments, whereas now you can nominate a financial dependent on, they will assess why this financial person in the financial dependent on they will assess whether they are to receive your pension going forward. So you can look at that very carefully. You can talk to the NHS BSA about it, making sure you've nominated the right people because I can't stress enough. It's so hard for your dependence and your loved ones to make to prove that this is what you would have wanted, that they're the right people to receive the payment. You might not have a conventional family situation. One of those reasons means it's just a lot easier. Nominate the right. It's the same with making a will nominate the people. It express what you want to happen in those situations, so that makes it easier. Are there ways of investing money in the scheme by the NHS, or would you go private investment room? I You can't. Yeah, and it just doesn't do investments because it's public sector. So that would be putting money at risk Public money risk? Um, so they don't do that, so it would be a private investment. One. You have to pay the exact amount of pension contributions from the table earlier. If you're bound to pay three putting, you could choose to know absolutely. You have to pay what your banding dictates. Otherwise we will be choosing the less the lower one, Um, in addition to the contract and wrote to check her. Is there a pay stub checker now? I am your pace. Um, there isn't. However, there is a lot of literature, a lot of my literature, actually on how to check your pace Lip. Mind the bleep. Um, f Y one the the website has a whole article on pace lips explains each part. There is a little bit of work on your part just to sort of mirror it up. We also have, um, a pay a calculator, which actually is very accurate. I've checked, um, and you can basically pop in what was written on your work schedule on pretty much stick in that information on day when I've used it, it has popped out pretty much my pace. Lip figures, give or take a few pounds. That's very close. Um, so, yeah, when you get your pace like I would check it against the example pay slips. We've got online the bleep dot com. I would check it with your colleagues as well, just to make sure that you're all in the same thing. It might help point out if one of you has the wrong tax code or something? Yeah, always best to check it with someone who's the same Roto Rooter. A shin is you. Because paid is different between different rotations. Um, and then check the pain calculator on, see whether that pops out a similar number. Using your your work schedule on that kind of triple check, I think we'll get you very close to having almost a professional. Ah, piece of check. Um, okay. Is that anything I had? I just Brattle to those questions. Crazy speed. Um, I have a question about indemnity. Ah, I don't on dot uh, this in the women off of that, um, indemnity is very so there's two types of you've got the NHS and done in indemnity insurance on. Then you've got, um, the indemnity insurance you get with the m D u R n p s are other ones. Um, if you're getting that kind of quote, I would go to other indemnity providers and also get a quote. I think the question here is Is it different? If you're an eye on G, I personally don't know. So, for example, my indemnity insurance with M D U was 10 lbs for F Y one. And I don't know whether that was because I was a UK graduate or whether they just offer this 10 lb um, indemnity. So I apologize. I have genuine, you don't know, But I will go away and find out whether the difference is because of that. Um, in your situation, I would approach, um, MPs, um Andi M d s. I think that's another one on dust. Get a quote from them and see which one's the most competitive em do is probably not the most competitive. Um, is joining the BMA is essential as magical protection. Such a time to you? No, um, they're actually more than one union. Um, no worries. And I know, eh? So you've got There's doctors association. I'm part of them. I think they're really good. I like, um, there's a hospital, doctors one which is very small, but apparently they're very good for people for hospital doctors on the ground. Um, so they don't do the whole big campaigns on on our behalf. But actually, if you've got individual issues going on at your trust, they're really good at supporting you. Um, then you've got the BMA, which are do like major campaigning. Um, there's one for GPS. So, um, there's not there's more than one union on. Joining a union is no essential, but, um, yeah, it depends what what you need And you can always remember You don't have to have it all the time and every year. So maybe yeah, absolutely worth having it for your first year. Because if you have any issues, you know where to go. You get support really quickly. They can help direct you in the right place. And then as you become more savvy, you might not need any more. And then as you become more senior, things might change. So, you know, I always based on what your personal circumstances are. Um, I'll practice is a very American thing, s So we have a temp. Our terminology is medical negligence. Onda There is a certain level of cover under the NHS indemnity. However, the what What normally happens in these kinds of situations is the courts will assign 80% any just and 20% of the doctor that they're trying to throw under the bus on in those situations, the doctor would be expected to pay 20% off, whatever the fine was, Um, that's where your indemnity insurance would come in. Um, so yes, under under hours? Um, yeah. The way the courts work, they will. If there is a clinician who is directly to blame or the organization is trying to blame, let's say they will be expected to pay a certain amount of the costs on usually. If you don't have indemnity insurance, it comes out of your pocket. And that's why I know people have it. Um, sorry if you've covered this, but how do you increase the tax allowance on HMRC website? Um, use the government gateway. So sign up for a government gateway account, then look at your personal tax accountant on it lets you apply for tax relief for certain expenses. Work related expenses. Onda apply for each work related expense. Um, in turn on, that will increase your tax alone's. The instagram is I'll just put it in the chat on. Thank you. Um, there we go. Right. Um, I have been which going on for a hour. That was mud. Um, the hall. I think I'm ready to wrap up. Sign up for it now. Thank you. Very welcome. There was a lot of interesting questions in especially about pensions and death. I just wondered, Is everyone doing okay just to learn about your I I will go away and find out. So I'll find out about the eye mg thing and, um, about I am Gene Indemnity and I will find out about the types of death on about how it works in in any chest pensions. Um, was there anything else I needed to go away and find out? I think those were Yeah. Okay. I will go and find those are thank you all so much. I thought the questions were really good. I'm thank you so much for engaging a swell. That's That's great. Thank you very much. Guys. I just posted link for the feet, but form again in the shop. If you don't mind filling in, it's great for us. Teo, Improve his medical educate. Um, but yes. Thanks for attending today. And we do have future talks on, so check out Facebook for those my colleague comes that were posting those in the dean. You Dean a reflex with pages to keep updated in silent for future on the big weapon. Ask for a free one. Thank you guys. And, uh, have a good night