Can NHS Doctors Claim Retrospective Tax on Pensions?

The Tax Scandal invented by George Osborne (as discussed in the Guardian) taxes money already built up in an occupational pension at 55%. Retrospective Tax on Pensions worthy of a “banana republic” has not been revoked but gives a window to obtain compensation in cash – it may not last long so there is an urgent need to act now for any mis-sold pension.

Many thousands of Doctors newly qualified in the 90’s were targeted by companies such as Allied Dunbar, Wesleyan, Lincoln National (Now Sun Life Financial of Canada), also sold by, City Financial, Verdi, Bowker & Bowker, and sold Free Standing Additional Voluntary Contribution (FSAVC) pensions. Most doctors should make a claim for compensation. However, there is a catch – TIME BARRING – if applied prevents any claim for a product sold over 15 years ago.

Making a claim for yourself – this type of claim is complex and unlike PPI is usually high value, and you can only make a complaint ONCE. It is advantageous to use a reputable company who will fight every claim on your behalf (and knows how to counter the product providers) to ensure you receive the maximum compensation.

PPI is being time-barred this month, Endowments were time-barred previously, so will long-term pension claims be the next product to go the same way – ACT NOW before it is too late.

Credits: The Guardian July 2019