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Bitter pill
Key points
- The pension arrangements of healthcare professionals can be complex and lead to excess tax charges.
- Aside from changes to the pension annual allowance and lifetime allowance there are also issues around property tax employment tax and inheritance tax.
- The contributions into the NHS pension scheme in a fiscal year is irrelevant because it is the annual growth within the fund that is used as the pension input.
- Most issues facing healthcare professionals will be shared with other high earning individuals.
Arrangements around the pensions of healthcare professionals can be extremely complex and can lead to excess tax charges for some. Constant changes to the annual allowance since its introduction coupled with lifetime allowance charges and protections are ample reasons why those working in healthcare would be wise to seek professional advice when it comes to their finances – but added to that are...
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