Pension planning for senior NHS staff

Published by Bhargaw Buddhdev, Nilesh Shah, Annemarie Allen on

With the substantial changes that have recently taken place in the pensions legislation directly affecting high-earners, many NHS staff are now facing tax charges on their ongoing pension savings.

This has been exacerbated since April 2016, as the £40,000 ‘standard’ Annual Allowance (AA) has been reduced for high earners – down to as low as £10,000 for many.

At Barnett Waddingham we understand the challenges facing senior NHS staff in managing the tax burdens imposed by the complex pensions taxation legislation.

With our extensive knowledge of the issues surrounding pension provision for NHS staff, we can provide a bespoke and specialised service designed to meet each individual’s requirements.

We have been meeting senior NHS staff impacted by the adverse impact of pensions taxation – Tapered Annual Allowance and Lifetime Allowance (LTA).

If you would like to discuss any aspect of your pension provision and retirement planning, please contact our team. Our full briefing paper for senior NHS Staff is available below.

Pension planning for senior NHS staff

Read our full briefing note to help you make sense of pension taxation rules.

Download our guide

Further reading

Election policies we need but probably won’t get, Pensions Expert, 6 Nov 2019 - Josephine Cumbo lays out four 'much-needed pensions reforms'

"Doctors dismiss government pensions solution as ‘sticking plaster", FT, 23 Oct 2019 - Sarah Neville and Josephine Cumbo report on the tax issue resulting in longer hospital waiting times

AgeWage; Making your money work as hard as you do - Well-known pensions writer Henry Tapper weighs in on the NHS changes