Pensions - Articles - Pension taxation could destroy the NHS


Jon Greer, head of retirement policy at Quilter comments on figures that show 42% of GPs have reduced their hours because of actual or potential pension taxation charges.

 “No one would have predicted pensions would have the power to bring the NHS to crumble and yet with every week we get more evidence showing us just that. Today the BMA have revealed that an astonishing 42% of GPs have already reduced their hours because of pensions.

 “If this does not spur swift action from policy makers then nothing will.

 “The new prime minister has already pledged that he will solve the problem of NHS pensions, but the only action we’ve seen to date is the 50/50 proposal, which is the equivalent of a band aid being used when there is a heart attack, and will not solve the devastating scenario we now face.

 “At one point there was also a proposal to have a special tax arrangement for schemes, but the former chief secretary to the Treasury, Liz Truss, has already acknowledged in parliament that creating different rules in the tax system for certain sectors is not a practical option as it risks discrepancies and tax arbitrage.

 “The only clear path seems to be abolish the root of the problem – the annual allowance taper. While finding the much needed cash for the move will be a treasure hunt, if they don’t the health of the nation is at risk.”

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