Pension lifetime allowance changes

Even afrer drawing £268,274 from your pension you are still going to be taxed. This amount isnt changed and will not change in line with inflation.

1 Like

There was some support for social care

1 Like

I know a few consultants in the NHS approaching retirement and they do mention the horrible environment in the NHS but ultimately the decision to continue to work is dominated by whether its worth it financially. The awful running and funding of the NHS just tips them over the edge.
Like you and others say this isnt a really a solution to the problem of a lack of doctors and staff in general in the NHS. However, I don’t see any government being able to rescue the current system. Anything to do with NHS overhaul (which is required imo) is too political

1 Like

Best thing the Tories have done, keeping higher tax payers in work longer paying more tax
how can anyone argue against that


Yes, thanks @J4ipod94

It’s madness. I remember a time when government would offer advice to the public about how things worked but it doesn’t any more. Even the word ‘political’ has been twisted to mean something else. It used to mean ‘in relation to policies’ but now it means ‘a taboo’ or is used as a way to shut down open discussion.

I think disaster is the only thing that is going to pull us all together and we appear to heading that way quite naturally. It’s all gone crazy.



Yes, true. That is one benefit. Also people continuing to invest in the stock market is a good thing, rather than the baby-boomers all taking their pensions. That is half the problem with the economy, I’m sure.

Clever politicians! They work out how to encourage people to invest in their pensions, and so the economy, through child-care policy.


The pension taxation for NHS pension is much more complicated than just contributing 40k into your tax entry year. It is a defined benefit scheme so all the sums are dependent on the hypothetical growth in your pension which depends on a lot of factors including inflation. A slight jump in your pensionable pay eg stop paying for a salary sacrifice car can put you into paying thousands of pounds in tax. The calculation is so difficult that even some FA struggle to interpret. Also you only know about your growth in the pension ( annual contribution) the next year in October. All this make doctors from cutting down hours or retiring early as in some cases you actually pay to go to work.


I’d find it hard to believe there’s a scenario where you’re paying the government more than you earn to work. But that’s a subject for another topic I think :smile:

1 Like

“Oh no, my wages have hit six figures! What am I to do!? Won’t somebody think of the tax implications!?”

Some people really do live in a different world. :person_shrugging:


I also know a few consultants close to retirement age, and their decisions are more around quality of life and escaping a system which doesn’t allow for good work-life balance and is very stressful due to the general neglect (underfunded), and understaffing (Brexit).

If they were motivated mostly by money, they would not be working in the NHS, they have plenty of other options (and some are moving to private as a result, this wouldn’t tempt them back). Of course the money is a factor, but this change doesn’t make a huge difference to individuals on an older 95 scheme NHS pension, which is generous with or without the taxes - their comparison is between working 5 years longer for a slightly better pension every month or retiring a little early on a decent pension and enjoying more years of retirement when they are younger.

I don’t see any government being able to rescue the current system.

This is the aim of the last 10 years of policy - deliberately underfunding a health service facing unpredeaded demand with a growing older population living longer, so they can say it is not fit for purpose and we must choose a private/insurance model. NHS delenda est.


No politician would dare abolish the NHS it would be career suicide.

1 Like

I think it might be worse than that!

Privatisation is already happening. It won’t be like they will announce that NHS is private now. So many contracts are going to private companies including American ones. Virgin care etc have taken on a lot of primary care. Increasingly more surgeries are outsourced to private hospitals. It’s a gradual process.


Tricky one. I imagine a few on here are doctors…
The current system pays senior consultants to retire and there is a current exodus in both the older and younger doctors. If you want a health service you need to pay highly qualified people a good wage/package…
It’s not just recruiting it’s retention…


Nice video on the budget by Politics JOE, including a bit on the pension allowance changes, and why they may not work.

1 Like

I reckon you could make a tombola and put every parties policies/ides etc in it and pull any out and every youtuber/media rag will post video/articles saying how bad it is for people.

The government are not exactly my favourite people in any way but I think this budget was fairly boring and a bit sensible for people like doctors who everyone was moaning about leaving the profession.

As always though they should/could of done a bit more to target the poor. My favourite would be the first £1000 of every households energy bill is free. That means the essential power is cheaper and any extra which will mainly be richer households pay full whack on excess energy. It is crazy Rishi’s pool heating will be getting a discount.