Leaving private dentistry affects more than your working patterns and how your practice is run. It can also have a big impact on your finances and your retirement plans.
In this episode, Iain Stevenson, head of dental at Wesleyan Financial Services, and Suki Singh, area manager at Practice Plan Group (PPG), discuss what dentists should think about before making the move.
They cover everything from replacing NHS benefits to protecting your practice and planning for long-term financial success. They also explain why starting your planning early can help you make the most of the opportunities ahead.
Don’t leave planning too late
Moving to private dentistry is a big step, and it’s important to think about the financial changes as early as possible.
During the conversation, Iain and Suki explain that many dentists focus on the practical side of the move, such as talking to patients, updating the practice and supporting their team. As a result, financial planning can sometimes be left until later.
But leaving important decisions too long can be costly. Planning ahead gives you more options and can help you avoid expensive mistakes later on.
Replacing NHS benefits
One of the biggest changes when leaving NHS dentistry is losing the benefits that come with NHS service.
While any NHS pension you’ve already earned will stay safe and continue to increase in line with inflation before you take it, you won’t build up any further pension once you leave the scheme. That’s why it’s important to understand how this could affect your retirement and what other pension options are available.
The episode also looks at other benefits you’ll lose, such as NHS sick pay, and why it’s important to have the right financial protection in place before you make the move.
Looking at the bigger picture
Moving into private practice is about more than pensions.
A successful private practice may increase your income, but it also brings new financial decisions. You may need to think about how you take money from the business, whether your current business structure still works for you, and if incorporation is worth considering.
Reviewing your associate agreements, staff contracts and business structure can help make sure your practice is ready for future growth.
Protecting your practice
The podcast also explains why it’s important to protect your practice with the right legal and financial arrangements.
Iain discusses why partnership and shareholder agreements matter, especially if something unexpected happens. Without these agreements, ownership of the practice can become more complicated, creating extra stress for business partners and family members.
Having the right legal documents and financial protection in place can help your practice continue to run smoothly while giving everyone greater peace of mind.
Get specialist advice
Whether you’re planning to move into private dentistry or already run a private practice, getting advice early can make a real difference.
Working with advisers who understand the dental profession and reviewing your plans regularly can help make sure they continue to meet your needs as your career and business develop.
To book a conversation with a dental specialist financial adviser from Wesleyan Financial Services, visit wesleyan.co.uk/dental or call 0800 975 3706.
This article is sponsored by Wesleyan Financial Services.
