Pension tax penalties could push 7,000 NHS retirements

An exodus is likely in March according to Quilter

Hope William-Smith
clock • 1 min read
Protections for doctors and nurses under the Coronavirus Act 2020 will cease from March
Image:

Protections for doctors and nurses under the Coronavirus Act 2020 will cease from March

Up to 7,000 NHS staff may be pushed into retirement before the end of the financial year as regulations to protect them from harsh pension tax penalties are abolished.

It comes as the measures put in place in March 2020 under the Coronavirus Act 2020 to allow recently retired NHS staff to return to work during the Covid-19 pandemic without suffering a penalty on ...

To continue reading this article...

Join Professional Pensions

  • Unlimited access to real-time news, analysis and opinion from the industry
  • Receive our in-depth monthly magazine in either print or digital format
  • Access our Sustainable Investment Hub covering news and opinion from thought leaders in the ESG space
  • Receive important and breaking news stories selected by the Editors in our daily newsletter
  • Hear from industry experts and other forward-thinking leaders
  • Receive a monthly members-only newsletter with exclusive opinion pieces from leading industry experts and a feature from the magazine in advance of its release date

Join now

 

Already a Professional Pensions member?

Login

More on Defined Benefit

Fairs: It is clear that the current process is painfully slow and exposes members to some uncomfortable risks

LCP: Increase freedom and choice for DB members

Consultancy says transfer regulations are ‘sticking plasters’ on an ‘ineffective process’

Martin Richmond
clock 02 June 2023 • 2 min read
(left to right) Redington managing director of investment consulting Nick Lewis, Pi Partnership Group professional trustee Graham Jung, Russell Investments head of UK fiduciary management Simon Partridge, Capital Cranfield professional trustee Bobby Riddaway, Professional Pensions editor Jonathan Stapleton, Zedra client director Anne Sander and BAA Pension Scheme trustee chair Phil Wilbraham

The changing environment for larger DB schemes

How scheme objectives and investment portfolios have changed over the past six months

Professional Pensions
clock 01 June 2023 • 8 min read
Kunal Sood, Managing Director of Defined Benefit Solutions and Reinsurance at Standard Life.

Industry Voice: Is 2023 poised to be a bumper year for the bulk purchase annuity market?

Trends in the rapidly developing market could support buy-in and buy-out volumes to top the record £43.8bn seen in 2019.

Sarka Halas
clock 01 June 2023 • 1 min read
Trustpilot