Some important answers in there (& some factually incorrect ones) so lets break them down, as its very important & shows govmnt (misguided) thinking
👀&RT
2/ The SOS claims "there's something that was started in Covid, the ability of people to, to return to the workforce whilst continuing to top up their pension" - this is not correct.
3/ That was about "abatement" which only affects a tiny proportion of the workforce (for doctors thats only mental health officers, a *tiny* proportion of all doctors).
4/ Suspension of abatement during covid did not allow them to top up their pension, rather stopped existing pension being depleted (or "abated") for simply coming to work (which is a stupid rule and needs to go forever).
5/ The current consultation that just closed, is, however about allowing - in the future - topping up their pension after retirement (which is a good thing, athough its coming too late, and was previously promised in April 23) @theresecoffey & does *nothing* for those mid career
6/ But then the SoS says " in terms of recognizing we need to be more flexible on pensions is something that I know my, my friend, the chancellor, is also looking at in the wider context, for example, of consultants" @BMA_Consultants@Jeremy_Hunt
7/ Lets be clear what the SoS is referring to - something called "pension flexibility". We have been here before, and consulted on that already - twice in fact👇. It was clear then, and remains the case now, this *DOESNT* FIX ISSUES WITH PENSION TAX.
8/ Whats more @MartynDaySNP & colleagues at @CommonsHealth, is that all @SteveBarclay is proposing is a further, disguised, renumeration *CUT*. Even before we consider pension taxation issues both PAY and PENSIONS have *BOTH* been reduced signficantly.
9/ So apart from the fact that flexibility add another *MASSIVE* layer of complexity (and complexity is already a *MASSIVE* part of the problem)
10/ So @SteveBarclay says rob Peter (Pension), flexibly, to pay Paul (Pay) to fix tax (which it doesnt).
11/ So @MartynDaySNP I'd be very happy to sit down with you & colleagues @CommonsHealth@bma_pensions to explain why it WONT fix the crisis we have in the NHS right now (& more importantly, what will)
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
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
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
1/2 THOUGHT FOR THE DAY: If @DHSCgovuk@hmtreasury REAL intention in their consultation "intention is the PIA should only consider growth in pension savings ABOVE inflation", where are they ignoring MASSIVE inflation related negative growth?
This is tantamount to "pension THEFT"
2/2 Now a mid-career consultant could pay £48,604 more AA tax in next 10 years (£68,498 vs £19,763), purely because government CHOOSE to (entirely unfairly) ignore -ve growth contrary to advice from @Policy_Exchange@NHSEmployers@AISMANewsline
RT if u think this theft stinks
3/3 I'll be recording a short VLOG / twitter thread later this morning with pensions expert @gdcuk explaining how this works, and there the government's existing proposals fall seriously short of fixing the issues
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 📉
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."
"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!
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)
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.