Conservative Government - what it might mean for your NHS pension
The lifetime limit is being reduced to £1m from April 2016. For those in the NHS scheme, a multiple of 23 is applied to projected pension to calculate the pot size - ie, £43,500 x 23 = pension savings at the new lifetime limit.
As previously, there are expected to be protections available so those with pot sizes above this threshold can protect their positions, however details are currently unclear.
Other announcements, such as a possible limit of tax relief for those earning over £150k per annum are in the pipeline, and may come in as soon as the first Conservative budget is announced on 8th July.
Now is a very important time to take advice - working alongside Financial Advisers we can help.