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Wesleyan's comment to proposed changes to NHS Pension contributions

Wesleyan's comment to proposed changes to NHS Pension contributions

Wesleyan's Pension & Retirement Technical Manager, Ian Macvie, comments below.

We welcome the Government's decision to shelve the recent consultation proposals - which in our view were seriously inadequate.

But we still believe that the tapered annual allowance is a flawed tax and ideally it should be scrapped at the earliest opportunity. It is overly complex and leads many doctors to sleepwalk into paying huge tax bills.

We are also concerned that many doctors may lose out on how they build up their future pension benefits. In our view the new proposals will do little to ease the current complexity of tax planning, and if anything could make it even more complex for doctors.

This promise to consider providing much greater flexibility over how doctors and other senior clinicians save into their pensions is encouraging and the Government's fresh ideas represent a big improvement on the current position.

We await the new consultation with great interest.

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