Wes Streeting, the shadow health and social care secretary, has said Labor would abolish the cap on doctors’ pensions, which he believes would reduce waiting lists “and inevitably save lives”.
The Ilford North MP claimed the “insane” cap would deter many experienced doctors from working until the end of their careers.
He told the Telegraph: “I’m not pretending that removing the cap is a particularly progressive move. But it’s one that sees patients faster and will inevitably save lives. I’m just being tough and pragmatic about it.”
The lifetime pension, which was frozen last year at just over £1m until 2026, is the amount any individual can save in a tax-free pension.
A second limit applies to the amount accumulated in a pension without incurring tax.
Under current rules, doctors cannot opt out of their NHS pensions even if they have reached the limit, leading some high earners to retire early.
Streeting pledged to call for “the ability of the private sector to reduce NHS waiting lists”, acknowledging that, for a Labor MP, “it is not a comfortable position”.
He added that he believes GP partners (doctors who are both primary care physicians and business owners) are good value for money.
“Intervening early prevents conditions that could cost hundreds of pounds to address becoming problems that cost tens, if not hundreds, of thousands to treat,” he said.
“We either spend too much money in our hospitals or not enough in primary care. If we changed that balance over time, patients would have a better experience, hospitals would face less pressure. We would save money.”
He also told the paper that “maybe we should look at financial incentives” to encourage doctors and GPs to work in deprived areas based on demand.