1/ BREAKING: Government publish response to partial retirement & CPI disconnect consultation

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
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
4/ And if pay growth stagnates below inflation, then pension goes DOWN in real terms, which should be fairly recognised if you are intending to measure REAL growth above inflation (as per S234 of the Finance Act).

Important to point out this isnt just my view, or a BMA view
5/ Even @NHSEmployers have directly lobbied @hmtreasury to fix this (left) as have traditionally conservative think tank @Policy_Exchange (right), and many others

They *really* MUST *fix this (for 23/24) rather than gaslight members its not a problem, when it really, really is.
6/ I am pleased however that #CPIdisconnect has been addressed (moving the revaluation date). Its not the ideal solution (#FixTheFinanceAct could have fixed this properly alongside #FixNegativePIAs), but credit where credit is due, its better than nothing
7/ Similarly on partial retirement, this is something @BMA_Pensions have long lobbied for, is welcomed, but the delay to October 23 is a *very* poor decision (as is 🔽10% pay), & pensionable re-employment may be a poor substitute for some members unless guidance urgently in place
8/ to standardise this offering.

But for some, tragically for the NHS, with high inflation continuing, may do the sums and decide for them it #doesntpaytostay and will leave the service

Adding #LateRetirementFactors would also have been welcome.
9/ But the key ommission by @DHSCgovuk @hmtreasury has been to offer *anything* for those squeezed middle, not old enough to eye retirement, and being pounded unfairly by AA and a rapidly falling LTA. These are both incredibly unfair in a scheme where, unlike *ANY* other public
10/ sector scheme, higher rate tax relief is removed by *very* steep contribution tiering (even with the changes planned).

That is both unfair, and will continue to cause many @BMA_Consultants @BMA_GP and other higher earners to reduce sessions, avoid promotion and retire early
11/ @Jeremy_Hunt was quite right to call this a "national scandal" needing fixing "immediately".

Lets be clear, ☝️doesnt do that (nor announced by @theresecoffey).

RT if you need Mr. Hunt / Barclay to fix these issues on 15th March budget

#FixNegativePIAs
#TaxUnregistered

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More from @goldstone_tony

Feb 1
1/ Thank you very much once again for bringing up pensions @MartynDaySNP yesterday at @CommonsHealth to @SteveBarclay

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).
Read 11 tweets
Jan 20
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
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 Image
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
Read 7 tweets
Dec 11, 2022
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 Image
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)

Read 25 tweets
Dec 11, 2022
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
Read 4 tweets
Dec 5, 2022
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
Read 20 tweets
Nov 5, 2022
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

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