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Headline

GPs could face huge tax bill as inflation pushes pension pots over annual limits

Comment

I'm 50 working in an average practice where we have taken on extra docs over the last 10 years, rather than pursue high earnings. Despite this, having bought a few extra years in my youth, I'm already at the point where I've had to leave the pension scheme 15 years early (after the usual 6 months battle with Crapita to complete the paperwork). Lots of my generation are in this position, without having been high earners - just hard workers. The Ponzi pension scheme is going to miss my contributions of around £30K a year, which were paying the pensions of people who have already retired. The scheme looks good for those nearing retirement as their benefits were protected, and good for those just starting who will work until they are 70, but has gone toxic for those in mid 40's early 50's. There is little incentive to keep us working beyond 55, in fact capped pension, punitive taxes, toxic indemnity costs, appraisal bandwagon etc make it an easy choice to quit while still at the top of our game.

Posted date

05 Sep 2017

Posted time

2:47pm

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