Dr Tony Goldstone Profile picture
Aug 20, 2022 19 tweets 9 min read Read on X
1/ NEW🕵️🧵: Good question from @wesstreeting but Im not so sure I understand the response from @mariacaulfield & perhaps more worryingly the response appears to me to be somewhat discrepant from previously published data by @DHSCgovuk

Pls share widely/RT
2/ This table is included in the response splits it into "age" and "early" retirement which the Minister describes as:

"Age retirements" are taken at or beyond 60 years old

"Voluntary early retirements" are taken before the age of 60 years old
3/ But this data also appears in the @DHSCgovuk to DDRB for example here for GPs starting at page 125 of

assets.publishing.service.gov.uk/government/upl…
4/ And here for Consultants
5/ So lets look at the response from the Minister in more detail as its confusing to separate "age" from "early" retirements
6/ If I have done my maths correctly, that would put average age of retirement for GPs at 59.2 and for hospital doctors at 60.7 - and that doesn't feel right to me (assuming I have calculated it correctly of course!)
7/ But now lets cross check against evidence submitted to DDRB. At first I thought the difference in hospital doctors could be hospital doctors vs consultants, but I suspect not as the GP figures are also WAY out
8/ There are some caveats in the table about being different previously published data but I think the data in the DDRB report fits more with my perception of what is really happening, and dont recognise the figures given by the minister to be correct IMHO
9/ It would be useful for @wesstreeting @FeryalClark to get clarity on which version is correct, as this is a really important question. In getting clarity I would ask @wesstreeting to go back to 2008, here is why
10/ We are in the midst of a @Conservatives leadership campaign. We heard last night for a third time from @trussliz that she will sort this mess out stating "weve got a lot of doctors leaving the profession early because of the perverse way the pensions work"
11/ But experience tells us that sometimes promises made in leadership campaigns dont always come true, do they @BorisJohnson ?
12/ Why is this important, well its important because whilst @RishiSunak in his leadership campaign was keen to tell us about the changes to the taper, he may have omitted what he did to the lifetime allowance in the March 2021 budget.
13/ And why is that so important - well with inflation likely to hit 11.3% this September, this is what is happening to the LTA in real terms
14/ And how is this relevant to this thread about early retirement numbers? And the answer to that is an extremely close correlation between the slashing of the value of the LTA (blue line) nd the rates of early retirement (orange line). Its a *potent* driver to early retirement
15/ So whilst ministers say VER rates are flat as they did recently to @feryalclark that was before when LTA was indexed to inflation (i.e. flat) this years MASSIVE cut to the LTA - what will happen to the orange line? (assuming of course the data you get is correct as above).
16/ A further note of caution if retirements are average for GPs at 59.2 and for hospital doctors at 60.7 (which I highly doubt).... stay a day beyond 60 & this is what you do to you hard earned and paid for 1995 pension. You just burn it. We need #LateRetirementFactors
17/ Make sure you #KnowYourNumbers

1️⃣bma.org.uk/doesntpaytostay

🆓Peri-retirement🛠️(hos👨‍⚕️) #DoesntPayToStay

Understand now if you are paying to stay on - most consultants age 59/60 will lose >£100k by delaying retirement by a single year
18/ And also make sure you understand how you will be punished by AA in 22/23

2️⃣bma.org.uk/pay-and-contra…

🆓AA🛠️(GP) 22/23 #CPIdisconnect
19/ Please will somebody sensibe in government listen and fix this before its too late to recover waiting lists

Pls share / RT @TheBMA

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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
Image
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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