Today:

25/09/2021

Who will inherit your work pension?

Share this article

Thousands of doctors continue to opt-out of the NHS Pension Scheme, despite government reforms intended to ameliorate the tax problems that had previously hit high earners in the profession. More than 50,000 doctors left the scheme in the 2019/2020 financial year, new data reveals, adding to concerns that the profession still regards pension tax as a serious problem. That may threaten the NHS’s ability to recruit and retain doctors.

The issue for many doctors is that their earnings and the generosity of the NHS scheme have seen them subjected to a reduced annual allowance for pension contributions – above this cap, large tax penalties are payable. While the government increased the “adjusted income” and “threshold income” caps by £90,000 this year, many doctors are still grappling with the impact of the original rules and therefore choosing to opt-out.

Have you checked your pension scheme rules to make sure your savings and benefits would pass to your chosen heirs in the event of your death? There have been complaints from families affected by pension-scheme law. Trustees of some occupational pension schemes have a legal right to determine who your benefits pass to, even if you expressly specify that someone else should receive them.

The government has given pension schemes until 1 October 2021 to comply with its Task Force on Climate-related Financial Disclosures (TCFD) regulation. Most schemes will have to report the greenhouse-gas emissions generated by Companies in their investment portfolios and how their investments would perform under a range of temperature increases.

Kris is a writer for WhatJobs.com

Similar Articles

Don't Miss

Navy Will Cut 500 Civilian East Coast Jobs

To fulfil Navy Region Mid-Fiscal Atlantic's Year 2022 budget objective, 500 Navy civilian employees on the East Coast will be laid off, and port activities would be limited to daylight Monday through Friday.

Fed signals bond-buying taper may start soon

As the US central bank's shift away from economic crisis measures gets traction, the Federal Reserve indicated on Wednesday that it will likely begin cutting its monthly bond purchases as soon as November, and that interest rate hikes may come sooner than planned.

Should staff return to the office?

For example, it may persist with current Covid-19 precautions in the workplace, requiring employers to plan for social distancing and to provide extra hygiene facilities. There may also be special arrangements in place for Vulnerable workers, such as pregnant women and those who have been shielding during the crisis