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
2/ The consultation is expected to be published later this morning

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
4/ (1)

Changes to pensionable retirement - i.e. retiring from 1995 pension and being re-employed in 2015 and still earning 2015 benefits (a big deal - weve been asking for this for years)
5/ Previously if you worked beyond 60 you would burn 95 pension as there are no #lateretirementfactors

Now you can conintue to build 2015 pension whilst drawing some of all of your 1995 benefits (but reducing pensionable pay >10%)
6/ This option doesnt of course take pension taxation away, but it does mean for example a member could partially retire if they reached (the now falling in real terms) LTA and continue saving 2015 pension (still subject to AA and LTA; but at least they crystalised some benefits)
7/ Partial retirement will allow drawing 100% of the benefits in 1995 - important so AA issues will only arise from the other scheme not the interaction of schemes.
8/ The 16 hour rule also removed
9/ (2) Next the bits about inflation - or rather fixing the bits they have already announced ignoring #NegativePIAs

As previusly announced this will be done by moving revaluation dates in 2015 / 1995 GP scheme to 6th April
10/ This does help align revluation to the opening value for #CPIdisconnect, but IGNORES the massive problems with #fixnegativePIAs

Very dissapointing they didnt fix this - @thebma, @NHSEmployers & @AISMANewsline all asked @hmtreasury for this
11/ The failure to address this will leave members MASSIVLEY overpaying AA charges for non-existent growth in 2023/4 and 2024/5 - we will continue to lobby HM Treasury for this
12/ There will also be some small changes to scheme access to allow PCNs staff to acces the NHS pension scheme
13/ All in all there are some positives here - partial retirement & a fix of *some* of the problems relating to inflation #CPIdisconnect but IGNORING issues of inflation related negative PIAs (a *massive deal*).
14/ But crucially whilst this does help those who are peri-retirement, it does *nothing* for mid career doctors punished by unfair punitive AA and LTA taxes. They will continue to reduce activity / retire early to avoid these charges. Still need #taxunregistered #FixTheFinanceAct
15/ 15/ Read the @bma_pensions comment in the Times - "the proposed changes appear to be too little, too late...doctors will continue to receive sky high & completely unexpected tax bills by continuing to provide care for patients, care they desperately need"
17/ The @DHSCgovuk press release is here:

gov.uk/government/new…
18/ According to @willquince "senior staff will no longer feel forced to retire early, ultimately benefiting patients by ensuring their expertise remains in the NHS for longer so we can continue to deliver world-class healthcare."
19/ I disagree - unless & until @DHSCgovuk @hmtreasury recognise the driver of this is the general annual allowance & rapidly reducing lifetime allowance, I am afraid higher earning NHS staff will continue to reduce activity & retire earlier than they might have #TaxUnregistered
20/ Read the full consultation here:

gov.uk/government/con…

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More from @goldstone_tony

Nov 5
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 📉 Image
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." Image
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." Image
Read 22 tweets
Sep 17
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!
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
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.
Read 26 tweets
Sep 3
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) ImageImage
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👨‍⚕️)
Read 40 tweets
Aug 21
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
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"
Read 7 tweets
Aug 20
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…
Read 19 tweets
Aug 2
1/ 🧵 on "Total Reward Statements" (or Annual Benefit Statements)

Dear @nhs_pensions

As you know Ive been asking publically & privately if you could PLEASE make the TRS slightly less useless?

Here's why you need to change it, & quickly (please RT if you agree)
2/ Average retirement age in the NHS is somewhere around 59-60, and falling. We have had the 2015 scheme for 7 years, and now everyone is in it. What is the point of ONLY showing pension benefits at full retirement age/SPA, AND when those retirement ages are different?
3/ We were promised a pension portal by June 2020, and that's not happened. COVID obviously set things back, but seriously, why are we still waiting?
Read 18 tweets

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