@FeenanKate @goodyrob 1) Government are trying to fix CPI disconnect

But, instead of adopting the sensible solution from @BMA_Pensions @AISMANewsline @Policy_Exchange to fix the Finance Act, that could have resolved CPI disconnect and -ve growth for all, they are looking to amend NHS regs instead @FeenanKate @goodyrob @BMA_Pensions @AISMANewsline @Policy_Exchange 2) Unfortunately we are lacking in detail

My guess would be moving revaluation date of benefits to Day 6 of scheme year

Pushes back the growth we were going to see on 1st April to 6th April, a new tax year, which would align CPI used for AA & Growth, rough example below

1) Good article by @pensions_expert

@BMercer91 covers the exchange between MP Dan Poulter and health minister Edward Argar

The minister's response highlights the government's lack of understanding of how NHS pension & pension tax work

pensions-expert.com/Law-Regulation… 2) "Vast majority" are expected to fall within £40k allowance

True: In 2019/20, at least 14,242 NHS members declared AA charges

1,619,853 active NHS pension members, so only 0.88% had an AA issue, ergo, pension tax has little impact🤥

Let's look a little closer at the numbers

1) I've been asked about -ve growth

This is particularly relevant to GPs, but can apply to all

Previously shared a quick calc showing impact of CPI and potential for -ve growth👇
grid.is/@gdcuk/impact-…

This short thread explains the maths behind it

@nick_grundy 2) Quick reminder that Annual Allowance in #NHSpension is NOT based on contributions

AA is based on the growth of your NHS pension benefits over the tax year, called Pension Input Period

Calculation method👇

Important bit, you get an adjustment to Opening Value for inflation

1) Been a busy week!

I picked a fight with HMRC over LTA protection

Met the awesome @theRCN who agreed to help a nurse who's missed £,000s in pension

Had some FOI data on the lack of pay protection

More on those soon

In the meantime, a thread on how it went in Westminster👇

https://twitter.com/gdcuk/status/1516672529502511104

2) First of all, it felt cool going through the airport style security into Portcullis House lobby, seeing some of the more famous politicians milling around

Then being walked down the tunnel into the Palace of Westminster - absolutely stunning building

1) A thread on Pension Record errors

#MedTwitter - if you've ever had an annual allowance charge, it is worth checking your #nhspension

Lots of good #MedEd threads on this subject from @goldstone_tony

Here's a round up of the major errors, and a few of the niche ones too 2) Annual Allowance in #nhspension is measured by the growth in the benefits that you've accrued (NOT based on contributions)

Your benefits are based on your pensionable pay

👉If your pensionable pay is wrong, then accrued benefit calcs & annual allowance calcs will be wrong

1) Thread on cessation of temporary abatement rules

From 25th March some who gave up their retirement to help the NHS will have their NHS pension reduced if they carry on working🤦‍♂️

FOI data I've obtained shows there are 7,470 doctors and nurses who could be adversely impacted🤯 2) Abatement is the process that restricts the pension in payment for certain members who retire & return to work before 60

Abatement was suspended to encourage experienced workers with Special Class or Mental Health Officer status to return to work to help in the pandemic

1) Short thread on Threshold Income errors I've seen & raised at last night's webinar for @CwmTafMorgannwg

Some have incorrectly added salary sacrifice arrangements to their taxable income to assess Annual Allowance Taper causing a potential overpayment of £,000s in tax 2) Annual Allowance Taper applies only if:

Threshold Income is more than £200k (previously £110k - 2016/17 to 2019/20), AND
Adjusted Income is more than £240k (previously £150k)

Found a way to save doctors £11m🤯

I had a hunch retired members had not used Individual Protection 16

Big thanks to #NHSPension FOI team for listening & using my methodology and to @ChrisD4wson & team for agreeing with our proposal to fix it👏

Pls RT

thetimes.co.uk/article/doctor… 2/ Individual Protection 16 (IP16) is a form of lifetime allowance (LTA) protection that was introduced when the LTA was reduced to £1m from 06/04/2016

You are able to protect your pension savings up to £1.25m, depending on the value at the time

gov.uk/guidance/pensi…