Managing your locum career finances: pensions, protection, and planning

Financial planning can feel overwhelming for GP locums, especially when you are trying to balance self-employed income with a busy clinical schedule. This episode breaks down the essentials of protecting your career and securing your future, from your first locum pay packet to navigating complex pension decisions as you approach retirement.Also as a YouTube video https://youtu.be/kFo6BPWhWl0* How to build a robust safety net with income protection and emergency funds, even when starting out.* Why understanding the NHS pension scheme early is critical, and how to track your contributions effectively.* Practical steps for navigating mortgage applications and "fiscal cleanliness" as a self-employed GP.* A straightforward breakdown of the McCloud remedy and new partial retirement options for senior clinicians.0:00 – The importance of financial planning for sessional GPs.2:15 – Protect your income 8:45 – NHS pensions for sessional GPs 14:20 – Short-term sickness cover vs. emergency fund19:10 – Getting a mortgage as a GP locum26:30 – Retirement planning48:48 – McCloud: The remedy periodResources:https://www.nasgp.org.uk https://www.chasedevere.co.uk Important information• Levels and bases of, and relief from taxation is subject to change.• The value of your investment can go down as well as up and you may not get back the full amount you invested.• The Financial Conduct Authority does not regulate taxation advice, estate planning, inheritance tax planning, cashflow modelling, wills or trusts.• The tax implications of pension withdrawals will be based on your individual circumstances, tax legislation and regulation which are subject to change. You should seek advice to understand your options at retirement.• None of the content of this webinar should be taken as a recommendation and you should always seek professional advice before taking any actions.#GPLocum #GPlocums #generalpractice #generalpractitioner