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In this episode of the Buxton Coates Solicitors Podcast, Sarah Buxton is joined by Charlotte Lindsay, Trainee Solicitor, for an insightful discussion on the process of 24-hour retirements and why some dental practice owners might choose to go through them.
This episode unpacks what 24-hour retirement means, particularly for NHS dentists, and explores its benefits and potential drawbacks. If you're considering starting your NHS pension while continuing to work under a GDS contract, this is a must-listen episode to help you make informed decisions.
Key Discussion Points:
What is 24-Hour Retirement?
Explanation of the 24-hour retirement process for NHS dentists.
How it allows NHS dentists to start their NHS pension while continuing to work under their GDS contract.
How Does It Work?
Why NHS dentists must "retire" from being NHS employees to access their pension.
The practicalities of retiring over the weekend and resuming work during the weekdays.
The Benefits of 24-Hour Retirement:
Accessing your NHS pension while continuing to work.
Maintaining income through both pension benefits and ongoing work.
Potential Drawbacks:
The importance of seeking legal and financial advice before proceeding.
Understanding the implications to ensure compliance and optimise the process.
Practical Guidance:
Tips for dental practice owners considering 24-hour retirement.
How to prepare for the process and what to discuss with your legal and financial advisors.
24-hour retirement is a unique process that allows NHS dentists to strike a balance between retirement benefits and continuing work. Understanding its intricacies can help dental practice owners maximise their financial security and make the most of their NHS pensions.
Whether you're an NHS dentist, a practice owner, or simply curious about the process, this episode is packed with valuable insights to help you navigate the complexities of 24-hour retirement.
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