Spring Budget slowed NHS Pension drop-outs, FOI finds

29th September 2023 by NASGP

Spring Budget slowed NHS Pension drop-outs, FOI finds

The number of NHS staff members opting out of the pension scheme has almost halved year on year since the Budget, Pulse reports.

Freedom of information requests about April-June 2023 and 2022 uncovered a drop of 46% according to NHS Business Services Authority data, Wesleyean found.

The chancellor Jeremy Hunt abolished the lifetime allowance (LTA) and lifted the annual allowance from £40,000 to £60,000 last April.

Dr Richard Fieldhouse, NASGP chair, said: “More NHS staff paying into the NHS pensions scheme is good news for everyone. Contributions from current employees are used to pay the pensions of current retirees, and no doubt incentivises staff to remain within the NHS, which is good for patients

“And it also means NHS staff are more likely to have more to spend in retirement if they’ve been paying into the Scheme for longer.

“This change did not come about spontaneously, but was a long, hard fought battle by the BMA, to everyone’s benefit.”

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