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GP pensions

08 April 2014
Issue: 4447 / Categories: Forum & Feedback , Investments , Pensions

Some doctors may have worked overseas during the early years of their careers and might have amassed offshore pension pots. When added to their National Health Service pensions the amounts may exceed the lifetime allowance

I act for a number of general medical practitioners several of whom worked overseas during their formative junior doctor years. In some instances they have amassed a not inconsiderable pension pot in the overseas jurisdiction.

Coupled with their National Health Service pension from services rendered as a GP in the UK the combined pots are quite substantial.

My question is (I think) relatively straightforward: are the overseas pensions combined with the UK ones for the purposes of testing the size of the pension savings against the clients’ lifetime allowance limits?

My concern is that the clients will unknowingly exceed the allowance and incur unwanted tax charges as a result.

Query 18 366 – Doc

Reply from Bhargaw Buddhdev partner Barnett Waddingham LLP

As long as the doctors’ pensions have remained in the overseas jurisdictions they will not count towards the lifetime allowance....

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