An important article by Laura Miller in Saturday’s Telegraph Money Section highlighting the unintended consequences of the Pension Tax which is affecting an increasing number of Armed Forces personnel.
Many of our Members are asking us what we are doing about it and what may happen next.
First, our Chief Executive is an active member of the Public Services Pension Tax Working Group, chaired by Andy Hopkinson, National Secretary of the Fire Leaders’ Association who represents the views of the Group to Government and was interviewed for this article He is rightly seeking change to a tax that cogently illustrates the law of unintended consequences and is helping to keep the issue high on Ministers’ radars; Government in turn seems to have at last recognised the damage being done.
On the practical side, we continue to provide our Members with advice on how to verify the Pension Tax calculations they receive from Veterans UK and how to prepare for their dealings with HMRC. As to what happens next, it is worth noting that Boris Johnson was reported as saying he would aim to “fix” the lifetime allowance problem to stave off problems in the NHS. The NHS are the focus for today – the impact this tax is having upon many of our Members is coming into ever sharper focus across Government.
Watch this space.
Read the full article from the Daily Telegraph here - (please note, the Daily Telegraph requires you to subscribe)