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NHS workersiNews (Indonesia)
•68% Informative
Labour has committed to reintroducing the lifetime allowance cap on pensions.
The limit on the amount people can build in pension savings over their lifetime and still receive tax relief.
Shadow Chancellor Rachel Reeves pledged to reinstate the limit, but said the party would allow a work-around for NHS workers to avoid senior doctors leaving the workforce.
But experts have warned that with a Labour government potentially just weeks away, many workers are already looking to take an early retirement.
Until last tax year , the lifetime allowance capped the amount of pension savings that qualified for tax relief at 1,073,100 .
But at the Spring Budget in 2023 , the Government announced plans to abolish it.
One of the reasons behind this is that it would encourage senior staff in the NHS to continue working for longer.
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English
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