There has been a sharp increase in the numbers of NHS staff retiring.
New data released by Quilter shows that in April 2022, there was a 28% rise in those taking pension benefits. There were 8,902 pension awards in that month compared to 6,932 in April 2021.
It is widely believed that the pressures caused by the punitive pension tax that doctors are facing are having a direct effect on the workforce with many doctors we speak to choosing to retire early or reduce hours.
Furthermore, the reintroduction of ‘abatement’ rules could push others to take decisions about their future. During the pandemic, the NHS suspended the abatement rules meaning recently retired NHS staff could return to work to help with the pandemic without triggering a penalty on their pension. This was originally due to end in March 2022 but was extended to October this year. As yet, no further extension has been agreed.
