New data from financial advisers Quilter shows that in April 2022, there was a 28% increase in the number of doctors taking pension benefits. There were 8,902 pension awards in that month compared to 6,932 in April 2021.
Many doctors have cited pension tax issues as the main reason they might choose to retire early or reduce hours.
In addition, the reintroduction of ‘abatement’ rules could push more medical colleagues to take leave the profession.
During the pandemic, the NHS suspended the abatement rules meaning recently retired NHS staff could return to work to help with the pandemic without triggering a penalty on their pension. Originally due to end in March 2022, this policy was extended to October this year but no further extension has yet been agreed.