Excellence awards intensify doctors’ pension problems

By Edie Bourne

Doctors have been warned that the Clinical Excellence Award (CEA) they have just received could prove to be another tax headache. 

Patrick Convey, technical director at specialist financial planners Cavendish Medical, said it was frustrating for specialists to discover that the reward for their hard work and recognition by their peers could trigger substantial tax charges. 

Patrick Convey

He explained: ‘If your CEA is a national award, it will boost your pensionable pay, and as you probably have complex income streams, you are more likely to breach the annual allowance which restricts how much pension you can save free of tax. 

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