Of course, this does not just apply to GPs. The latest reduction in the Lifetime Allowance – the amount the Inland Revenue allows you to have in your pension scheme before triggering an extra tax – will affect thousands of long-serving staff across the public sector. Surgeons, senior police chiefs, firefighters and head teachers are similarly impacted. According to independent financial advisers, there are top people in their fifties across the country who may retire early to avoid this extra charge – which can be up to 55 per cent.
Answers to the Sage of Ely please.