Discover and read the best of Twitter Threads about #fixthefinanceact
Most recents (11)
1/ BREAKING: Government publish response to partial retirement & CPI disconnect consultation
gov.uk/government/con…
gov.uk/government/con…
2/ Its *EXTREMELY* dissapointing they have ignored feedback on #FixNegativePIAs
It's completely untrue to say the member "has not had a reduction in pension benefits"
If pensionable pay falls *relative* to inflation, that exactly what you have had #pensiontheft
& they know it
It's completely untrue to say the member "has not had a reduction in pension benefits"
If pensionable pay falls *relative* to inflation, that exactly what you have had #pensiontheft
& they know it
3/ Its incredibly misleading to suggest if pay rises, so does pension "as long as there had been increase in pensionable pay".
Everybody knows (incl. government officials I've met) that the intention of the Finance Act is to measure growth *above inflation*, so 👇REMAINS untrue
Everybody knows (incl. government officials I've met) that the intention of the Finance Act is to measure growth *above inflation*, so 👇REMAINS untrue
1/ BREAKING: Originally plans for so called "partial retirement" (ability to continue employment, draw 1995 benefits & continue pensioned employment in 2015 scheme) was announced for April 2023(lft)
Now government have scored a *massive* own goal by deferring this to Oct 23(rt)
Now government have scored a *massive* own goal by deferring this to Oct 23(rt)
2/ Why is this important?
In 2022/23 we saw very high inflation (10.1% Sept CPI) coupled with disgraceful subinflation pay cuts (max 4.5%, lower with frozen CEAs). These 6% plus pay cuts led to many working out it #DoesntPayToStay hence our BMA tool👇
bma.org.uk/pay-and-contra…
In 2022/23 we saw very high inflation (10.1% Sept CPI) coupled with disgraceful subinflation pay cuts (max 4.5%, lower with frozen CEAs). These 6% plus pay cuts led to many working out it #DoesntPayToStay hence our BMA tool👇
bma.org.uk/pay-and-contra…
3/ Its looking like 2023/24 will produce similar findings- @bankofengland predicting 2023/4 inflation of 7.9% (left) with @hmtreasury wanting to CAP pay awards at 2% (right) - and lower assuming frozen CEAs, once again in 6% plus pay (and therefore pension) *pay cut* territory
1/IMPORTANT - If you are a doctor we need YOUR Help please! (Free tool)
PLEASE take a few mintues to to respond to the DHSC consultation on pensions taxation
More info here - especially on the crucial government ommision to fix inflation issues with #FixNegativePIAs
See👇 & RT
PLEASE take a few mintues to to respond to the DHSC consultation on pensions taxation
More info here - especially on the crucial government ommision to fix inflation issues with #FixNegativePIAs
See👇 & RT
2/ Its really important to take the time to respond to the consultation.
There are different templates for GPs & consultants/hospital doctors, & also those close to retirement, & those (completely ignored by government) who are <55yrs
There are different templates for GPs & consultants/hospital doctors, & also those close to retirement, & those (completely ignored by government) who are <55yrs
3/ Use the free tool here
bit.ly/StopPensionThe…
It should only take a few minutes to use.
As always *PLEASE* take a few minutes to customise your response - let them know how this car crash of pension taxation is affecting YOU / your service / practice & your patients
bit.ly/StopPensionThe…
It should only take a few minutes to use.
As always *PLEASE* take a few minutes to customise your response - let them know how this car crash of pension taxation is affecting YOU / your service / practice & your patients
1/ This is a *really* important thread🧵 re current pensions consultation. I need you to take time to read it properly & watch the 2 videos / modelling done with @gdcuk
They are trying to steal your pension, whilst pretending they are fixing a problem. Read, 👀 2 videos & RT
They are trying to steal your pension, whilst pretending they are fixing a problem. Read, 👀 2 videos & RT
2/ Ive been tweeting for some some time now about the *huge* problems created for NHS pension by high inflation & the interaction with something called #CPIdisconnect & #FixNegativePIAs
3/ Ive always been clear that we need to #FixTheFinanceAct specifically in relation to CPI disconnect (Section 235)
1/ BREAKING: As reported overnight in @thetimes there is a new consultation out later today
google.com/url?rct=j&sa=t…
A short 🧵 in some of the detail
TLDR: Some helpful bits, but too litttle, too late with NOTHING for AA/LTA
google.com/url?rct=j&sa=t…
A short 🧵 in some of the detail
TLDR: Some helpful bits, but too litttle, too late with NOTHING for AA/LTA
2/ The consultation is expected to be published later this morning
Heres a snapshot of what it covers (and what it doesnt)
Heres a snapshot of what it covers (and what it doesnt)
3/ The main areas cover 3 main areas
- Some pension flexibilities around retirement only
- Some changes (not enough) to deal with inflation
- minor access changes to PCNs
- Some pension flexibilities around retirement only
- Some changes (not enough) to deal with inflation
- minor access changes to PCNs
THOUGHT FOR DAY: In 2021 LTA@£1.073m = public sector pension of £46,657 before breaching
With inflation 10.1% '22, 7.9% '23 LTA should be £1.423m buying same pension of 46.7k
Instead LTA will by 27/28 be real terms £818k = pension just £35.6k!
RT if you agree➡️NHS collapse 📉
With inflation 10.1% '22, 7.9% '23 LTA should be £1.423m buying same pension of 46.7k
Instead LTA will by 27/28 be real terms £818k = pension just £35.6k!
RT if you agree➡️NHS collapse 📉
2/ 🧵This is based on the story in the @Telegraph. Another great quote from Baroness @rosaltmann “People in the NHS and other parts of the public sector will increasingly be pushing to retire early, rather than working longer as we need them to."
3/ Baroness @rosaltmann (former @Conservatives Pension Minister) continues
"This is because tax rules that were supposed to be an advantage in the workplace have become a punishment in the workplace. These are the economics of crazy house."
"This is because tax rules that were supposed to be an advantage in the workplace have become a punishment in the workplace. These are the economics of crazy house."
1/ A thread about annual allowance in 21/22👇 [+ new free tool]
Many will have received a nasty brown envelope from @nhs_pensions this week. If you have (and even if you haven't) you may need to take action. Pay attention and share (please RT) with colleagues who may need this!
Many will have received a nasty brown envelope from @nhs_pensions this week. If you have (and even if you haven't) you may need to take action. Pay attention and share (please RT) with colleagues who may need this!
2/ OK if you already have statements for 21/22 (& if you are member of two schemes i.e. 1995 & 2015 you need TWO statements) you can miss this step.
But if you are a high earner (say >£90k) & you haven't, request one today (it can take 3 months)
bit.ly/TGPSSRequest22
But if you are a high earner (say >£90k) & you haven't, request one today (it can take 3 months)
bit.ly/TGPSSRequest22
3/ Next you need to establish if you have an AA liability in 21/22. To do that you can use the free HMRC calculator. Its not that straightforward, but I would *strongly* advise to do your own calculations, even if you have an accountant/advisor.
1/ Some useful 🧵s /tools on NHS pension scheme, pension taxation, & why its *still* a car crash for NHS (retention). #TaperTweakDidntWork
For me this has always been about two simple themes- patient safety & survival of the NHS
HOW IT STARTED ('19) HOW ITS GOING ('22)
For me this has always been about two simple themes- patient safety & survival of the NHS
HOW IT STARTED ('19) HOW ITS GOING ('22)
2/ I've redone this 🧵 as a compendium of some of the more important /educative/impactful tweets/threads🧵& tools I've done over the last 18 months or so they are all in 1 place. For some, they are done annually each tax year. Here goes- enjoy I hope you find it useful
3/ Useful tools pension/tax 🧵👇
1️⃣ bit.ly/McCloudCalc
🆓McCloud🛠️(most NHS staff)
2️⃣ bma.org.uk/doesntpaytostay
🆓Peri-retirement🛠️(hos👨⚕️) #DoesntPayToStay
3️⃣ bma.org.uk/pay-and-contra…
🆓AA🛠️(GP) 22/23 #CPIdisconnect
4️⃣ modelyourpension.com
Full pension/AA/LTA🛠️(hos👨⚕️)
1️⃣ bit.ly/McCloudCalc
🆓McCloud🛠️(most NHS staff)
2️⃣ bma.org.uk/doesntpaytostay
🆓Peri-retirement🛠️(hos👨⚕️) #DoesntPayToStay
3️⃣ bma.org.uk/pay-and-contra…
🆓AA🛠️(GP) 22/23 #CPIdisconnect
4️⃣ modelyourpension.com
Full pension/AA/LTA🛠️(hos👨⚕️)
1/ As one of the leading experts on pension taxation in NHS I've personally reached out to @trussliz @RishiSunak with my thoughts on this existential threat to the NHS & solutions
If you want #TalkToTony I'd be happy to explain this complex issue.
Read 👇& RT if you agree
If you want #TalkToTony I'd be happy to explain this complex issue.
Read 👇& RT if you agree
2/ I start by explaining in detail how about tax relief in the NHS is *not* the same as the private sector, nor is it the same as other public sector schemes
3/ Much of the general problem has been explained many times, including in the recent excellent @CommonsHealth report that correctly concluded that "It is a NATIONAL SCANDAL that senior doctors are being forced to reduce their working contribution"
1/26 V Important 🧵 on this weeks debate in the House of Commons tabled by @DrDanPoulter
Highlights & my analysis. Pls read to end & share/RT👇. Vital we resolve this to fix *retention* & backlog
Part 1/2 - Dr Poulter (Pt 2/2 Minister response soon)
Highlights & my analysis. Pls read to end & share/RT👇. Vital we resolve this to fix *retention* & backlog
Part 1/2 - Dr Poulter (Pt 2/2 Minister response soon)
2/26 Really important points from @Dr_PhilippaW
1️⃣ vital issue needing 4 nation solutions @BMACymru @BMAScotland @BMA_NI
2️⃣AA is the wrong tax for the wrong group of people & its destroying the NHS
1️⃣ vital issue needing 4 nation solutions @BMACymru @BMAScotland @BMA_NI
2️⃣AA is the wrong tax for the wrong group of people & its destroying the NHS
3/26 A further intervention from Northern Ireland's @JimShannonMP again pointing out the 4 nation problem and large rise in retirements in the NHS since April (my prediction - unless this fixed very urgently, retirements will increase +++ in 22/23)
1/18 Really important report by @dnepo @aneelbhangu out this morning as reported by @ShaunLintern in yesterdays @thesundaytimes
Grateful to have received an early copy for comment &here are some thoughts in a short 🧵
Grateful to have received an early copy for comment &here are some thoughts in a short 🧵
2/18 Firstly this is NOT and never was a "COVID" backlog. As I have repeatedly pointed out the backlog has building over a decade, only worsened by but not caused by COVID.
A key part of that has been - as acknowledged by the authors - the interaction with pension taxation
A key part of that has been - as acknowledged by the authors - the interaction with pension taxation
3/18 BUT the problem is not limited to consultants "not taking additional work" - far from it. That particular problem, largely driven by the tapered AA was/is real, but a much bigger threat is reduction in activity (from reduced sessions) and loss of activity by early retirement
