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Wesleyan comments on newly announced NHS consultation

Wesleyan comments on newly announced NHS consultation

Wesleyan response to the announcement that the Department for Health and Social Care has launched a new consultation on measures to reduce the pensions issues facing NHS doctors:

Ian Macvie, Pension & Retirement Technical Manager at Wesleyan, the specialist financial services provider for doctors said:

"The proposed solutions don't address what we view to be the fundamental problem facing NHS senior staff, which is the tapered annual allowance itself. In our view, this is an unfair tax and should be scrapped completely.

"We acknowledge that by allowing higher earners to choose their own rate of pension accrual and contributions, the proposals go some way to alleviating the worst aspects of the tapered annual allowance. However, we have two major concerns: firstly,  what is already an absurdly complicated pensions tax structure will be made even more complex.

Secondly, that unused employer contributions are not guaranteed to be added back into staff pay - this is at individual employer's discretion. So, by opting for reduced pension accrual and contributions staff would effectively be voting for a poorer remuneration package." 

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'WESLEYAN’ is a trading name of the Wesleyan Group of companies.

Wesleyan Assurance Society and Wesleyan Bank Ltd are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Wesleyan Financial Services Ltd, Wesleyan Unit Trust Managers Ltd, Practice Plan Ltd and DPAS Ltd are authorised and regulated by the Financial Conduct Authority.  Advice about investments, insurance and mortgages is provided by Wesleyan Financial Services Ltd.

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