Tilney to provide pension advice to Glasgow doctors

Tilney to provide pension advice to Glasgow doctors

Tilney will be providing pensions advice to members of the Royal College of Physicians and Surgeons of Glasgow, after signing a partnership with the professional body.

The Royal College members, who have been affected by pension tax woes, will have access to the financial advice firm's services through a range of member events and communications over the coming months.

Professor Jackie Taylor, president of the Royal College of Physicians and Surgeons of Glasgow, noted that recent changes to pension rules have meant that “an increasing number of senior consultants have faced significant tax bills when working additional hours, which is adding to the existing workforce pressures on our health service”.

She said: “In this context it’s vital that our membership can make informed decisions about their future financial plans.

“That’s why I welcome this new partnership with Tilney, which will allow our members access to expert financial advice at a time when their personal finances are so topical.”

It emerged in December that the number of members leaving the NHS Pension Scheme was five times higher than that seen by other public pension funds, most likely because of the taper on the annual allowance.

Introduced in 2016, the tapered annual allowance gradually reduces the allowance for those on high incomes, meaning they are more likely to suffer an annual tax charge on contributions and a lifetime allowance tax charge on their benefits.

The taper means that for every £2 of adjusted income above £150,000 a year, £1 of annual allowance will be lost.

FTAdviser reported in August that HM Treasury will be reviewing the impact of the tapered annual allowance, after doctors have been campaigning to scrap it for months.

A new consultation on the rules of the NHS Pension Scheme was published earlier this month, which includes a proposal to allow members to choose a personalised pension growth level at the start of each tax year.

Graham MacLeod, financial planner at Tilney, stressed that the “ongoing crisis surrounding NHS pensions continues to be of great concern throughout the industry, and the need for financial advice in this area has never been greater”.

He added: “This new partnership will allow us to provide this advice to medical professionals and help them make informed decisions about their financial future.”

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