The Government has approved ‘deferred choice underpin’ but refused to change the rules on the tax-free pension allowance, Pulse reports.
The BMA had called on Government to give more GPs access to a tax-free pensions allowance. But last week the consultation outcome stated outright that the rules would remain as they are.
Authors at the Department of Health and Social Care wrote: “The department does not intend to proceed with proposals to introduce pension scheme flexibility for senior clinicians.”
On a related subject, last week the Treasury announced that it would introduce a remedy for age discrimination in NHS pensions – another reform the BMA has campaigned for.
The remedy, a deferred choice underpin (DCU), corrects age discrimination in the 2015 scheme.
Under DCU, a BMA journalist explains, at the point of retirement members can now choose whether the previous ‘legacy’ or reformed 2015 scheme is applied to their pension for 1 April 2015 and 31 March 2022 contributions.
Kirsty McGaun, an independent specialist medical financial adviser at Legal & Medical, has summarised sessional GPs’ action points following the publication of the consultation outcome. To get the full details read the article on NASGP.org.uk now.