Dr Tony Goldstone Profile picture
Jun 27, 2022 18 tweets 10 min read Read on X
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 🧵
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
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
4/18 Repeated surveys from Royal Colleges & unions including @TheBMA have shown this - and moreover whereas the withdrawal of additional activity (i.e. waiting list activity) may be temporary, a much bigger threat is reduction of hours or retirement, more often permanent
5/18 It were these actions in 2019, which remain very much live and current today - and most certainly have not been fixed by tweaking the taper thresholds - which remain a potent threat to elective recovery
6/18 So far from being a "covid backlog" it were front pages such as these which left government to need to take emergency action in 2019 (AA compensation scheme) and 2020 (March budget with taper tweak)
7/18 .@thebma were crystal clear with government that the taper changes were not enough to resolve the issues caused by pension taxation. And then in 2021 came the announcement that the lifetime allowance would be frozen (previously increasing annually by inflation).
8/18 LTA was frozen in 2021 - @BMA_Pensions surveyed >8000 consultants & GPs - terrible for retention (72% said LTA freeze⬆️likely retire early; 61% ⬆️ likely work fewer hours). With⬆️inflation, LTA falling REALLY fast - this is going to be a *big* problem @RishiSunak @sajidjavid
9/18 There is very clear evidence of a strong association between the fall (in real terms) of the lifetime allowance - and voluntary early retirement. Whilst some will retire & return this is almost universally on less activity and some will retire for good.
10/18 This is loss of our most experienced clinicians often very much at the peak of their career with so much more to give not only in service but also in training the next generation.
11/18 So coming full circle to the excellent report on waiting times by @dnepo @aneelbhangu - what does the future hold? Well at current levels of activity, could see waiting lists increase to 14.6m by 2030 😔
12/18 As I have repeatedly said since well before the waiting list crisis in 2019 - the key enabler to resolving the waiting list crisis is RETENTION @Jeremy_Hunt.
Training new consultant surgeons (and other critical team members) takes well over a decade.
13/18 Our only hope to turn around the waiting list crisis is to retain the existing workforce - and crucially not only enable them to do additional activity, but also to work as many sessions as they are able / want to, and to work as long as they want.
14/18 Current scheme rules and pension taxation make it extremely unfavorable for those over 59 (or sometime even earlier than this) to carry on working in the NHS

bma.org.uk/doesntpaytostay
15/18 We @bma_pensions wish that were not the case, but I am afraid it is. And with soaring inflation (and associated increased AA charges and a rapidly falling lifetime allowance) that position will only deteriorate and it will do so quickly.
16/18 So if government want to turn this around, and I would politely suggest they *really* need to, please urgently speak to us about solutions which *will* work (like late retirement factors, and a tax unregistered scheme like offered to the judges).
17/18 Lets completely uncouple the desire to work as many sessions as one wants, and to retire when you want, from punitive tax charges. Lets make it #paytostay & sort these horrific waiting lists as soon as possible. Lets choose an "optimistic scenario"👇 by turning this around
18/18 It really cannot be done without fixing the elephant in the room - pension taxation. Please RT if you agree and want government to act #taxunregistered #CPIdisconnect #lateretirementfactors #FixTheFinanceAct #arm2022

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More from @goldstone_tony

Dec 12
1/ THOUGHT FOR THE DAY: Whilst I'm grateful for the changes to LTA/AA, the AA and the dreaded #taper still remain. And here's your regular reminder why its PARTICULARLY unfair, and stupid, in the NHS (from @BMA_Pensions @TheBMA evidence to DDRB).

Short 🧵pls read & share Image
2/ We are all in CARE now, so should all be paying generally the same employEE contributions.

But we aren't - and its worst - by a garden mile - in the NHS per this chart showing the ratio of conts from the highest earners : lowest earners in the public sector 👇Image
3/ So unlike in the private sector where there is no difference in cost for higher vs lower owners other than tax relief, we go through this ridiculously unfair step in the NHS - far worse than anywhere in the public sector - that strips away our higher rate reliefImage
Read 5 tweets
Dec 10
1/ very important and NEW: @nhs_pensions have overnight issues guidance on 23/24 tax year where they have failed to send you a pensions savings statement on time (which was their legal duty)

nhsbsa.nhs.uk/public-service…Image
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2/ the bottom line is they expect you ESTIMATE your carry forward and PIA and any charge in the normal timescale ie by Jan 31st 2025 …. Which is going to be extremely difficult ….. Image
Image
3/ after you estimate you will have until Jan 26 to correct your estimation based on the real figures Image
Image
Read 13 tweets
Oct 30
1/ Well after intense media speculation re: budget (speculation incl. reduction of tax free lump sum to £100k; flat rate relief at 30 or 20%; lifetime allowance re-introduction & pension "flexibility" [i.e. balance between pay & pension] .. speculation can now END....
Pls RT 🧵 Image
2/ Its now time for @RachelReevesMP to deliver her first budget ... I'll be live tweeting anything significant with a focus on #pensions and #pensiontax (if there is indeed anything!)

So keep following! Appologies for any typos/errors read to end for any corrections & docs Image
3/ So following #PMQs there is a statement that the contents of some of the budget has been made public before the budget and expresses dissapointment that this has happened Image
Read 27 tweets
Oct 17
1/ Longtime followers may remember this update from 4.5 years ago. Id met the then head of @nhs_pensions and the senior leadership team. They made lots of promises to improve things around Annual Allowance that BADLY needed improvement....

Pls read, share and RT
2/ Chief among those promises was to have an end to waiting till October for a PSS. Indeed no more brown envelopes. 85% of people would get their "digital brown envelope" by June (starting in 2020) 👇

3/ And furthermore for those that dont get automatic PSS (then around 85%), 15% would be able to see in this portal, from June 2020 why they DONT have a PSS i.e. you need manual calculations, or they cant issue one as they are awaiting info from employer

Read 14 tweets
Sep 7
1/ ICYMI Ive done a couple of videos 📹 on the tapered annual allowance - and why it could be hugely problematic for higher earners in the NHS *THIS* tax year (24/25)

Its crucial you have an understanding of chart 👇 if you are in affected groups.

Please share 👇/ RT & 👀📹 Image
2/ This was the first of two videos introducing the problem via a real case study

I discuss why its crucial that @wesstreeting @jamesmurray_ldn get an urgent grip of the dreadful tax policies they inherited affecting lower and higher earning consultants

3/ In second video I discuss a case in more detail & look at some strategies to try & mitigate this nightmare tax cliff.

None are desirable & tax needs changing to remove the huge discincentives to not to extra work, or worse still, reduce current

Read 4 tweets
Aug 20
THOUGHT FOR THE DAY: many senior doctors desperate to help waiting lists & would be willing to give up evenings/weekends to help out.

But current tax rules will mean some could end up #PayingToWork 👇

RT if you want @wesstreeting @jamesmurray_ldn to fix this ludicrous tax trap Image
2/ Per the chart with taxable income 242,400 after income tax, NI and AA post tax pay is around 95,056.40

However the same member earning 199,999 also gets 95,083.88 post income tax, NI, and AA

Why would this member do over £40k extra work, and PAY TO WORK?? Image
3/ Looking at it the other way the member earning 200,001 takes home 72,584.96

But the member earning 157,500 takes home essentially the same 72,559.40

*HOW IS THIS FAIR*

[CLUE: it isnt] Image
Read 6 tweets

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