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Beware pension tax bill caused by tiny pay rise

By Edie Bourne

Independent practitioners who also have NHS consultant contracts are being alerted about a sting in the tail from their latest pay award.

Financial advisers say specialists should be aware of potential problems arising from their pay rises due this month even though the amounts have been branded ‘small and insulting’ by the BMA.

This is because any pay rise, however insignificant, can trigger a tax charge on excess pensions’ savings.

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