Discover and read the best of Twitter Threads about #NHSpension
Most recents (3)
1) I've been asked about -ve growth
This is particularly relevant to GPs, but can apply to all
Previously shared a quick calc showing impact of CPI and potential for -ve growth👇
grid.is/@gdcuk/impact-…
This short thread explains the maths behind it
@nick_grundy
This is particularly relevant to GPs, but can apply to all
Previously shared a quick calc showing impact of CPI and potential for -ve growth👇
grid.is/@gdcuk/impact-…
This short thread explains the maths behind it
@nick_grundy
2) Quick reminder that Annual Allowance in #NHSpension is NOT based on contributions
AA is based on the growth of your NHS pension benefits over the tax year, called Pension Input Period
Calculation method👇
Important bit, you get an adjustment to Opening Value for inflation
AA is based on the growth of your NHS pension benefits over the tax year, called Pension Input Period
Calculation method👇
Important bit, you get an adjustment to Opening Value for inflation
3) If the CPI rate from the September BEFORE the tax year starts is particularly high, then the Opening Value can be higher than the Closing Value, which results in a negative growth figure🤯
Growth is then set to zero and can't be offset against 2015 scheme or previous years👇
Growth is then set to zero and can't be offset against 2015 scheme or previous years👇
1) A thread on Pension Record errors
#MedTwitter - if you've ever had an annual allowance charge, it is worth checking your #nhspension
Lots of good #MedEd threads on this subject from @goldstone_tony
Here's a round up of the major errors, and a few of the niche ones too
#MedTwitter - if you've ever had an annual allowance charge, it is worth checking your #nhspension
Lots of good #MedEd threads on this subject from @goldstone_tony
Here's a round up of the major errors, and a few of the niche ones too
2) Annual Allowance in #nhspension is measured by the growth in the benefits that you've accrued (NOT based on contributions)
Your benefits are based on your pensionable pay
👉If your pensionable pay is wrong, then accrued benefit calcs & annual allowance calcs will be wrong
Your benefits are based on your pensionable pay
👉If your pensionable pay is wrong, then accrued benefit calcs & annual allowance calcs will be wrong
3) Best of Three error
Before June 2020, the 95 scheme AA statements were based on previous year's pensionable pay, rather than 'Best of the last 3 years'
If your pay went down then up again, your AA statement would reflect an artificial pay rise and increased growth 👇
Before June 2020, the 95 scheme AA statements were based on previous year's pensionable pay, rather than 'Best of the last 3 years'
If your pay went down then up again, your AA statement would reflect an artificial pay rise and increased growth 👇
Found a way to save doctors £11m🤯
I had a hunch retired members had not used Individual Protection 16
Big thanks to #NHSPension FOI team for listening & using my methodology and to @ChrisD4wson & team for agreeing with our proposal to fix it👏
Pls RT
thetimes.co.uk/article/doctor…
I had a hunch retired members had not used Individual Protection 16
Big thanks to #NHSPension FOI team for listening & using my methodology and to @ChrisD4wson & team for agreeing with our proposal to fix it👏
Pls RT
thetimes.co.uk/article/doctor…
2/ Individual Protection 16 (IP16) is a form of lifetime allowance (LTA) protection that was introduced when the LTA was reduced to £1m from 06/04/2016
You are able to protect your pension savings up to £1.25m, depending on the value at the time
gov.uk/guidance/pensi…
You are able to protect your pension savings up to £1.25m, depending on the value at the time
gov.uk/guidance/pensi…
3/ The tricky bit is finding out the value of your NHS pension as at 5th April 2016
You can pay NHSBSA £120 to work it out for you nhsbsa.nhs.uk/sites/default/…
or you can apply some maths to some annual allowance information you might already have
You can pay NHSBSA £120 to work it out for you nhsbsa.nhs.uk/sites/default/…
or you can apply some maths to some annual allowance information you might already have
