Labour Makes Lifetime Allowance Decision That Could Impact NHS Pension Scheme Members
A piece in today’s Financial Times has revealed that Labour have decided not to reinstate the pensions lifetime allowance (LTA), a move that would have reintroduced a cap on tax-free pension savings, affecting NHS pension scheme members. Shadow Chancellor Rachel Reeves dropped this proposal from Labour’s upcoming election manifesto, citing the complexity and uncertainty it […]
BMA Criticises ‘Unfair’ NHS Pension Scheme Rules In Manifesto For Next Government
The British Medical Association (BMA) today released its ‘manifesto for [the] next Government.’ Amongst calls to value and protect doctors, the BMA criticised “absurd barriers preventing doctors from taking on more work…including those caused by complex, unfair pension rules.” Tens of thousands of doctors have unknowingly faced NHS pension tax charges in recent years. Please […]
Labour Urged to Address ‘Overly Generous’ Pension Tax Breaks That Could Affect Doctors In The NHS Pension Scheme
The Labour Party is being urged to go beyond reinstating the lifetime allowance (LTA) on pension contributions and address ‘overly generous’ pension tax breaks for wealthy savers. This could potentially affect doctors in the NHS pension scheme. The Institute for Fiscal Studies (IFS) recommends Labour quickly reintroduce the LTA, previously set at £1,073,000, which was […]
Doctors in NHS Pension Scheme Leave NHS In Anticipation Of Labour Government
The Telegraph have reported that senior NHS doctors are leaving the NHS due to fears of substantial tax bills if Labour reinstates the pension lifetime allowance. The LTA, abolished last year by Chancellor Jeremy Hunt to retain experienced staff, capped tax-free pension savings at £1,073,100. Labour plans to reintroduce the LTA if elected, raising concerns […]
Over 200,000 NHS Pension Scheme Members Missing Out On Payments
A new analysis of NHS Business Services Authority data by Quilter reveals that 209,553 NHS pension scheme members are losing out on their pension payments due to unawareness of recent changes. Since 1 April 2022, all active members were moved from the old NHS pension scheme (1995/2008 final salary) to the new 2015 scheme. Despite […]