NHS Pension Scheme

Scottish health secretary Jeane Freeman has written to chancellor Sajid Javid demanding he find a solution for heavily-taxed senior NHS workers in his upcoming Budget.

Almost half (44%) of clinical and non-clinical trust executive directors are considering or planning to leave the NHS in the next two years due to pension taxation, according to NHS Providers.

The vast majority of this week’s 120 Pensions Buzz respondents rejected the idea that the NHS should bear any responsibility for members facing tax bills due to the tapered annual allowance.

NHS Employers has published guidance for employers to support staff affected by the pension taxation issues.

This week's top stories included HSBC's scheme completing a £7bn longevity swap with PICA and the government announcing it would review the tapered allowance for NHS scheme members.

The government has launched a consultation on amending the contribution rules of the NHS Pension Scheme in a bid to mitigate the possibility of members hitting tax allowances.

This week's Pensions Buzz respondents were mostly in agreement that 10 weeks is an appropriate length of time to conduct a full DB to DC transfer.

Conservative leadership contender Boris Johnson has promised to fix the pension tax relief rules that are causing senior doctors and highly-paid staff in the NHS to work fewer hours leading to longer waiting lists.

The next chancellor should urgently address "absurdly complex" tax relief rules as data reveals NHS waiting lists have lengthened due to senior doctors working fewer hours to avoid the charges.

This week's top stories included Legal & General completing a record-breaking buyout with the Rolls-Royce UK Pension Fund, and the government setting out plans for flexible NHS pensions.