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The Department of Health and Social Care (DHSC) has announced
that it will shortly open a new consultation about proposals to change pension rules for top doctors, surgeons and high-earning clinicians, which includes giving senior clinicians full flexibility over the amount they put into their pension pots.
The initial consultation published on 22 July 2019 (which was due to close on 14 October) sought to address evidence that high-earning clinicians were reducing their
A freedom of information request by the Financial Adviser
revealed that extra tax
paid by public sector pension schemes, on behalf of their members, had doubled since the introduction of the tapered annual allowance. Nearly 3,900 members of the NHS scheme used scheme pays in 2017/18, significantly more than any other public sector scheme.
The Chancellor of the Exchequer said . . .
09 Aug 2019
TPO on behalf of itself (Pension Schemes Act 1993 prevents an employer from itself bringing a claim against the provider or administrator, eg in respect of maladministration of a GPP); and
- make provision in relation to associated signposting provisions.
Overall, the responses were very supportive with a few concerns highlighted.
On the new provision for dispute
The House of Commons Work and Pensions
Committee has published its 29th report
of the 2017-19 session, which this time tackles pension costs and transparency. Despite work in this area, the Committee warns against complacency and identified a number of issues.
On workplace pensions:
Defined contribution pensions
The charge cap on default defined
in some cases lead to an underfunded scheme, which can have negative consequences for scheme members. The Committee sees no reason for there to be a lower level of scrutiny by trustees of DB schemes than there is for DC schemes.
Trustees and Independent Governance Committees
The Committee is worried that some trustees are making investment . . .
08 Aug 2019
outside the workforce. Age thresholds should be raised. From 2026, when the State Pension age is due to rise to 67, free bus passes and Winter Fuel Payments should be available no sooner than five years after the State Pension age and age thresholds should be aligned across benefits. The difference should be maintained from then on as the State Pension age rises. There should be transitional protection so that individuals who currently receive these payments continue to receive them.