Quilter FOI reveals hundreds of doctors overpaid £11m in pension tax

The wealth manager said the FOI data showed that 413 members who have retired and paid LTA tax charges could have benefited from Individual Protection 2016 (IP16), which enables individuals to protect their LTA from £1m up to a maximum of £1.25m based on the value of pension benefits at 5 April 2016. It found that the doctors had a collective total of £44,379,919, which could have been protected under IP16. Given that the LTA tax charge is 25%, if they had applied for IP16 before retiring from their profession, then these 413 members could have collectively saved £11,094,979, accordin...