Workplace Pensions: Tax Allowances

Treasury written question – answered on 30th January 2023.

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Photo of Anthony Browne Anthony Browne Conservative, South Cambridgeshire

To ask the Chancellor of the Exchequer, whether he has made an assessment of the potential impact of pension allowances on factors that may incentivise doctors to retire early.

Photo of Andrew Griffith Andrew Griffith The Economic Secretary to the Treasury

The Government is committed to ensuring that hard-working NHS staff do not find themselves reducing their work commitments due to the interaction between their pay, their pension, and the relevant tax regime. On 22 September, the Government announced it will change elements of the NHS Pension Scheme to help retain doctors, nurses and other senior NHS staff, to increase capacity. These changes include:

  • Changing pension rules regarding inflation
  • Encouraging NHS Trusts to explore local solutions for senior clinicians affected by pension tax charges, such as pension recycling
  • Implementing permanent retirement flexibilities and extending existing temporary measures to allow our most experienced staff to return to service or stay in service longer.

The Government keeps under review how to ensure pension allowances do not penalise those making provisions for their retirement.

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