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  OF PENSIONS LEGISLATION CHANGES
 

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  NHS: TAPERED ANNUAL ALLOWANCE
The Department of Health and Social Care (DHSC) has announced that it will shortly open a new consultation about proposals to change pension rules for top doctors, surgeons and high-earning clinicians, which includes giving senior clinicians full flexibility over the amount they put into their pension pots.

The initial consultation published on 22 July 2019 (which was due to close on 14 October) sought to address evidence that high-earning clinicians were reducing their

workload in order to reduce their tax liability. Around a third of NHS consultants and GP practice partners have earnings from the NHS (including non-pensionable earnings from additional work) that bring them potentially within scope of the tapered annual allowance.

This new condoc will replace last month's consultation on the 50:50 proposal: to let clinicians halve their pension contributions in exchange for halving the rate of pension growth.

A freedom of information request by the Financial Adviser revealed that extra tax paid by public sector pension schemes, on behalf of their members, had doubled since the introduction of the tapered annual allowance. Nearly 3,900 members of the NHS scheme used scheme pays in 2017/18, significantly more than any other public sector scheme.

The Chancellor of the Exchequer said . . .

09 Aug 2019   Check other news items

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