Discover and read the best of Twitter Threads about #DoesntPayToStay
Most recents (7)
1/ BREAKING: Government publish response to partial retirement & CPI disconnect consultation
gov.uk/government/con…
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
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
Everybody knows (incl. government officials I've met) that the intention of the Finance Act is to measure growth *above inflation*, so 👇REMAINS untrue
1/ BREAKING: Originally plans for so called "partial retirement" (ability to continue employment, draw 1995 benefits & continue pensioned employment in 2015 scheme) was announced for April 2023(lft)
Now government have scored a *massive* own goal by deferring this to Oct 23(rt)
Now government have scored a *massive* own goal by deferring this to Oct 23(rt)
2/ Why is this important?
In 2022/23 we saw very high inflation (10.1% Sept CPI) coupled with disgraceful subinflation pay cuts (max 4.5%, lower with frozen CEAs). These 6% plus pay cuts led to many working out it #DoesntPayToStay hence our BMA tool👇
bma.org.uk/pay-and-contra…
In 2022/23 we saw very high inflation (10.1% Sept CPI) coupled with disgraceful subinflation pay cuts (max 4.5%, lower with frozen CEAs). These 6% plus pay cuts led to many working out it #DoesntPayToStay hence our BMA tool👇
bma.org.uk/pay-and-contra…
3/ Its looking like 2023/24 will produce similar findings- @bankofengland predicting 2023/4 inflation of 7.9% (left) with @hmtreasury wanting to CAP pay awards at 2% (right) - and lower assuming frozen CEAs, once again in 6% plus pay (and therefore pension) *pay cut* territory
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 📉
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."
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."
"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/ 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)
For me this has always been about two simple themes- patient safety & survival of the NHS
HOW IT STARTED ('19) HOW ITS GOING ('22)
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👨⚕️)
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👨⚕️)
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
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
"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…
assets.publishing.service.gov.uk/government/upl…
1/30 BREAKING 🧵 New @CommonsHealth report 👇
"Its a NATIONAL SCANDAL that senior doctors are being forced to reduce their working contribution to the NHS or to leave it entirely because of NHS pension arrangements"
Highlights & my analysis. Pls read to end & share/RT👇.
"Its a NATIONAL SCANDAL that senior doctors are being forced to reduce their working contribution to the NHS or to leave it entirely because of NHS pension arrangements"
Highlights & my analysis. Pls read to end & share/RT👇.
2/30 A huge thanks to @Jeremy_Hunt @drlukeevans @rosie4westlancs & colleagues at @CommonsHealth for this really important report released today. Some vital recognition of problems relating to punitive pension tax & recommendations re pensions. Please read all carefully to end.
3/30 First & foremost is recognition that
1) Its a "national scandal" doctors forced to reduce hours or leave it because of NHS pension taxation
2) Crucially, the problem persists *despite* changing the taper rate of the annual allowance.
1) Its a "national scandal" doctors forced to reduce hours or leave it because of NHS pension taxation
2) Crucially, the problem persists *despite* changing the taper rate of the annual allowance.
1/ Peri-retirement in NHS & Pension Tax 🧵 + free tool- #doesntpaytostay
This is a *super* important thread. Sorry it's complicated, pls read ALL carefully & share/RT. Its vitally important you #knowYOURnumbers so @BMA_Pensions built a free tool to help - you could save >£100k
This is a *super* important thread. Sorry it's complicated, pls read ALL carefully & share/RT. Its vitally important you #knowYOURnumbers so @BMA_Pensions built a free tool to help - you could save >£100k
2/ @TheBMA @BMA_Pensions have been saying for years, that its crucially important we RETAIN the senior experienced workforce. There are a number of important levers to do this, including pay, pensions & pension taxation.
3/ As the annual & lifetime allowances have been whittled away over the years, the number of senior doctors opting for early retirement has increased as it simply #doesntpaytostay- particularly for those affected by BOTH the annual & lifetime allowances
