With the substantial changes that have recently taken place in the pensions legislation directly affecting high-earners, many senior 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.
How much can NHS pensions be taxed?
At Barnett Waddingham we understand the challenges facing doctors and other senior NHS staff in managing the tax burdens imposed by the complex pensions taxation legislation.
With our extensive knowledge of the issues surrounding NHS Pension Scheme provisions, 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) – with the aim of helping them navigate through the complexities.
If you would like to discuss any aspect of your NHS pension provision and retirement planning, please contact our team. Meanwhile, our full briefing paper, designed to clarify the NHS pension tax legislation, is available to download.
Pension planning for senior NHS staff
Doctors and senior NHS staff can read our full briefing note to help make sense of the Tapered Annual Allowance and related pension taxation rules.Read our guide
"Election policies we need but probably won’t get", Pensions Expert, 6 Nov 2019 - Pensions journalist 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 latest NHS changes.