Budget 2021: Freeze on lifetime allowance

hm treasury

The Chancellor announced that the lifetime allowance will be frozen until April 2026 at its current rate of £1,073,100 instead of increasing in line with inflation. The allowance is a limit on the amount of pension savings which can be accumulated overall without triggering a tax charge. Individuals in defined benefit schemes such as the […]

NHS pension ‘compensation’ choice deferred

couple garden

The government has concluded its consultation into when doctors need to decide which pension benefits they want to claim as ‘compensation’ after moving to the 2015 NHS pension scheme and being deemed to have been subject to age discrimination. Doctors will not need to decide which set of pension scheme benefits they wish to receive […]

NHS Pensions flexibility ruled out

family beach

The government has concluded on the ‘pensions flexibility’ consultation, ruling that no flexibility will introduced to the NHS pension schemes, despite overwhelming feedback of the punitive tax charges medical professionals are facing. Many doctors were hoping the see proposed measures introduced which would allow a change of the rate at which NHS pensions grow in […]

Urgent reminder: Annual Allowance compensation action

advisers

As you may be aware, the government agreed to pay the annual allowance tax charges of clinicians for 2019/20 under a compensation scheme. If you are eligible for compensation, you must elect to use Scheme Pays to settle the tax charge. While there is still time to apply for Scheme Pays – the deadline is […]

WEBINAR – The 2015 Pension Scheme: explaining your age discrimination decision

grandfather granddaughter

There have been many twists and turns in the path of doctors’ pensions in the last decade but one particularly surprising announcement has been the proposals to address the age discrimination deemed to have been caused by the implementation of the 2015 NHS pension scheme. In 2018, the Court of Appeal ruled that the measures […]

NHS to pay doctors pensions tax

nhs rainbow

Many of you will have seen the unexpected announcement from the health secretary Matt Hancock last week that the government will take the unprecedented step of paying tax bills of NHS staff caught by the ‘tapered annual allowance’ in 2019/20. In order to encourage doctors to once again take on extra shifts and / or […]