Two hundred thousand oblivious savers are too late to avoid pension tax bills of up to 55pc, and at least a million more are sleepwalking into the same problem.
Telegraph Money has previously reported that front-line health, police, fire service and Armed Forces personnel are for the first time being penalised by lifetime limits on pension savings after successive governments cut the allowance from £1.8m to £1.03m.
Researchers have now calculated the number of savers affected. More than a million face losing hundreds of thousands of pounds from their savings when they retire.
Healthcare unions expect an exodus of senior staff from hospital wards and a decline in patient care if the Treasury…
I know GPs are being affected. But service salaries and pensions tend t#not to be high enough. For technical reasons just been looking through father’s RN Captain’s pension. Wouldn’t have been affected at all. Not with the usual way that a DB pension has its capital value calculated anyway.