Senior doctors are more likely to retire early if Chancellor Rachel Reeves were to launch a raid on their tax-free pension lump sums , experts have said, in a move that could have big implications for the government’s aims to reduce NHS waiting lists.

Most retirees can take up to 25 per cent of their pension savings – to the value of £268,275 – tax-free, but there has been speculation that the Chancellor could cut the limit as she seeks to raise funds in her Budget.

Though NHS pensions work differently from most pensions in the private sector, healthcare workers can still draw a payment of up to £268,275 from their pensions. To do so, they have to retire, or partially retire.

If Reeves were to cut the maximum lump sum, there is an expectation that the change would come in from the n

See Full Page