While some feel ending £1m savings tax cap gives them more options, others say it is not enough to make them work until 67
NHS staff nearing the end of their careers are reconsidering whether they have to retire early to avoid “punitive” pension taxation rules after the chancellor’s surprise decision in the budget to scrap the £1m cap on tax-free savings.
Jeremy Hunt unveiled the plans on Wednesday in an attempt to stop highly paid older workers, including lots of experienced NHS staff, leaving their jobs early. They will also benefit from the increase in the current £40,000 annual limit for tax-free pension contributions, to £60,000.
