If you are covering the impact of the lifetime pension allowance abolition for NHS doctors, please see the following comment from Alec Collie, Head of Medical at Wesleyan Financial Services:
“From a tax perspective, this budget is just what the doctor ordered.
“The chance of paying tax charges – primarily from exceeding the annual allowance – has led to some of our most experienced doctors leaving the National Health Service, reducing their hours or dropping out of the NHS Pension Scheme and forfeiting their own retirement saving opportunities. It’s also stung some of the longest serving teachers and dentists. These are problems we’ve been highlighting for some considerable time, and we’re glad the government has taken action.
“Our research has shown that a fifth of doctors have already left the NHS pension scheme as a result of these tax issues. There is an option for them to re-join but they should seek professional advice to understand the specific implications.”
For more comments from Wesleyan, contact our PR Manager, Nicola Pledger.