Pensions  

Doctors are victims of their own bad medicine

Maria Espadinha

Maria Espadinha

Some doctors are finally facing this reality, though. I reported recently that St James’s Place has seen a jump in enquiries from doctors and consultants.

A financial adviser won’t be a magic solution for this problem.

Yes, doctors will have to pay taxes if they surpass the tapered annual allowance limit. But I would bet that the bill at the end of the year will be lower, and that a plan would be put in place for years to come.

Because, let’s face, it is bonkers that we are running out of doctors because of taxes. But it is also bonkers to believe the government will scrap the tapered annual allowance because of this.

The best thing a doctor can do? Get a good financial adviser and start sorting out your finances. Yesterday.

Maria Espadinha is a senior reporter at FTAdviser and Financial Adviser