More than 50,000 people left the NHS Pension Scheme in the first half of the last tax year, with more than a third citing cost pressures.
A freedom of information request from Quilter to the NHS Business Services Authority - published today (24 April) - confirmed costs drove 53,762 members out between April and December last year. A total 26,100 stated they left the scheme due to affordability, while 27,662 said they had temporarily opted out due to other financial priorities. "People opting out in their droves is worrying to see as it can have a significant impact on someone's future retirement prospects," said NHS pension specialist Graham Crossley. "Almost everyone has been feeling the pinch over the last year or so ...
To continue reading this article...
Join Professional Adviser
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence.
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters.
- Make smart business decisions with the latest developments in regulation, investing retirement and protection.
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes.
