Who will inherit your work pension?

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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

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