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Check out this guide to what we believe are the most important financial planning areas for junior doctors.

To enable you to prioritise your financial planning in your first year as a doctor, here is a very simple guide to what we believe are the most important planning areas. Many of these areas were covered at the talk you attended and will be discussed in more practical terms at your first appointment.

Find out more about the main financial planning topics below:

Income Protection

Protecting your lifetime’s income is always considered the most important thing to arrange when starting work.

As a Foundation Year 1 Junior Doctor, your sick pay entitlement from the NHS is only one month of full pay, followed by 2 months of half pay. This is not a sustainable way to protect yourself against long term absence. With the current pandemic, it is now even more important to give this due consideration.

It would be best to have this in place before starting work as many insurers are now deferring applications for anyone who has been exposed to the virus. It is possible to apply before starting work to get around this problem.


It is always best to look at this early on in your career. Under current legislation the retirement age on your NHS pension is in line with your state pension age, currently 68. The question you need to ask is -Do you believe it will remain at 68 or increase?

We find that the vast majority of our existing Junior Doctor clients would prefer to be able to make retirement decisions before 68, whether that be a reduction in working hours or taking full retirement.

According to the NHS 2015 pension scheme, the earliest you can take your NHS pension is at age 55 (which is due to increase to age 57 from 2028), but if you were to do so, there would be heavy penalties on the level of income you would receive.

There are many ways to consider boosting your retirement provision alongside your NHS pension to ensure you do not fall foul of the early access penalties. We can help you establish whether additional pension provision should be a priority for you.

Tax rebates and budgeting

Keep a record of all subscriptions and other work expenses such as medical equipment. Many of these items are tax deductible.

It is important to be aware of your finances and to have a budget in place. For some this has become upsettingly apparent given the current situation. During the initial consultation with one of our specialist advisers, we can help you to become more aware of your income and outgoings and how they can work better for you through a simple budgeting exercise.

Arranging your financial consultation

There is no cost to an initial consultation with one of our specialist advisers.

All advisers will be operating on a remote basis given the quarantine that is currently in effect. We are offering one-to-one online consultations using a web-based, screen-sharing platform which allows remote meetings to work as easily as possible.

Our advisers know all about (and can answer questions on) your junior doctor contract, career trajectory, and the NHS pension scheme you are entering. We deal with thousands of young doctors every year so they can quickly answer any common questions you may have surrounding the effect they may have on your financial planning and goals.

To schedule your online appointment, use the button at the bottom of the page. When you are diverted to our booking page; Select Junior Doctors and choose a time slot that suits you.

All that is required for a consultation is for you to be in a quiet, private place, have access to a laptop or tablet and be able to take a phone call. You may wish to have a pen and pad at hand to make some notes, but this is not essential.