It’s not tax cuts here:
Drastic tax cuts mean tens of thousands of NHS staff are fleeing their gold-plated pensions
NHS workers are abandoning their generous gold-plated pensions in droves, with a quarter of a million opting out since 2015, according to new data laying bare the extent of problems first revealed by Telegraph Money.
Experts are blaming the exodus of 245,500 NHS staff from their defined benefit pension scheme in the past three years, including 100,000 during 2016 alone, on the creep of tightening tax rules.
Jon Greer, head of retirement policy at wealth manager Quilter, said: “The impact of the lifetime allowance is beginning to rear its head, a trend likely to continue as the Treasury has made it clear that taxation on pension is no longer for the substantially wealthy.”
Well, no, the lifetime allowance rules show how a defined benefit pension makes you wealthy in fact.
And it still ain’t all a tax cut, is it?