Active Chartered Financial Planners

Active Chartered Financial Planners in Stockton, which has campaigned since 2019 to raise the lifetime limit on pensions, is celebrating the chancellor’s budget announcement to ‘scrap the cap’.

The firm launched a letter campaign, including writing to then-minister of state for health Chris Skidmore MP and local MP Dr Paul Williams, to highlight the impact of the pensions cap on the NHS.

With many senior doctors as clients, the team felt strongly that the staffing crisis within the NHS - something that was further exacerbated by the COVID-19 pandemic – could be eased by encouraging higher earners to stay in work.

Paul Gibson, a director and chartered financial planner at Active Chartered Financial Planners, said: “Before the pandemic, it got to a point where it wasn’t worth senior doctors’ working for the NHS, as they were hit with a tax bill that meant they were paying for the privilege of working. I have been advising clients in this very position with many opting to reduce hours or retiring early to mitigate the effects of these huge tax charges. It was at a stalemate where it seemed that only raising the limit would help.

“The vast majority of clients we saw with this issue were from those working in our public service sectors. It’s a common misconception that it was only the ‘wealthy’ being affected, when in actual fact, it was those we needed most in public office.”

However, the budget announcement made by the chancellor Jeremy Hunt MP on 15 March went a step further, and scrapped the cap all together.

Paul continued: “Whilst certain thresholds have been tinkered with in recent years to help, the problem remained, so I’m delighted that after four years of raising this issue, and the idea of raising the limit being floated numerous times by the various chancellors and prime ministers we’ve had in that time, a meaningful decision has been made.

“This is not just a boost for the economy, it will be a shot in the arm for NHS waiting lists and a real driver to getting people back to work. I’m so pleased we were in on the ground floor and that a real difference has been made.”

ENDS

Contact Rosie Earl on 01325 363 436

Issued on behalf of Active Chartered Financial Planners

Active Chartered Financial Planners is a team of specialist Independent Financial Advisers that provides a full suite of holistic financial planning services to private individuals, corporate businesses and professional practices. Being independent means that Active can offer its clients the best financial products, with no bias towards certain providers.

The highly coveted “Chartered” status, which it has held since in 2013, means Active works to standards matched by only a tiny proportion of financial planning firms. Chartered status is central to the business and demonstrates Active’s commitment to remain at the forefront of the industry.

With a history dating back to 1986, today Active is based at modern Head Offices in Thornaby (Stockton on Tees) and covers the entire North East and Yorkshire regions.

The team at Active is highly qualified; including 6 Chartered Financial Planners holding Fellowship status; the highest level of qualification awarded in the industry.

Active’s Financial Planning Services include:

• •Investment Planning
• •Retirement Planning
• •Protection Planning
• •Later Life Planning
• •Planning for Your Business
• •Mortgage Planning

http://www.activefinancialplanners.co.uk

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