💬 “All other things being equal, it would reduce people’s incentive to retire earlier than they might wish to” Abolishing the lifetime allowance means doctors can save more for retirement tax-free than they had under the policy’s cap of £1.07m
Mr Hunt announced in
Baroness Altmann welcomed Mr Hunt’s announcements, saying the lifetime allowance had been damaging employment. Vish Sharma, chair of the BMA’s pensions committee and consultants committee, said: “The scrapping of the lifetime allowance will be potentially transformative for the NHS as [the majority of] senior doctors will no longer be forced to retire early and can continue to work within the NHS, providing vital patient care.”
“If your income did increase, your pension contributions increased, it was very hard to predict how big a tax bill you would get landed with. Dr Hutchinson, from Halifax in West Yorkshire, always planned to retire at 60 after “60 or 70 hours a week in rooms without windows”.“[The allowance] did mean I got stung by a penalty when I retired and took a pension.
“This disincentive for high earners to keep working for longer has been addressed, and people are now free to save as much as they like for their retirement, whenever they like.”
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