1/ Grateful for @Imogent...
Highlights
- 1/ Grateful for @imogent_ @thetimes covering the @BMA_Pensions GP CPI calculator in ST
See the problem for yourself by accessing free BMA tool at 👇
https://t.co/1ZJmUtCMxY
A financial advisor said "Doctors worry
about the tax bills in their pension. It has been part
of every
(View Tweet)
- 2/ conversation I’ve had with a doctor for
three to four years but now it is really front and
centre. This problem for the doctors is having an
immediate knock-on effect on waiting lists." (View Tweet)
- 3/ The key problem is due to the rate of increase of inflation which is unprecendented
(View Tweet)
- 4/ Due to the complex way AA is calculated, a flaw in the Finance Act uses the previous september CPI to define "opening value" which is how much your pensions can increase before being tested by the Annual Allowance. Last years CPI was 3.1%
(View Tweet)
- 5/ But this year inflation is currently running at 9.1% with Bank of England predicting it might reach 11%. Even at 10% by September, plus 1.5% for dynamisation / revaluation - this could cause eye watering charges for doctors, especially GPs who have longer in a CARE scheme (View Tweet)
- 6/ "According to the BMA, some GPs earning £115,000 (the average salary for a GP partner) could be lumped with an annual allowance tax charge bill of
more than £30,000 for the 2022-23 tax year"
(View Tweet)
- 8/ with runaway inflation. Inflation at 10% this year equates to a 10% real terms drop in the LTA by it being frozen. We already know there is a close relationship between lowering the LTA & Voluntary Early Retirements 👇
What will a further 10% real terms drop in LTA do?
(View Tweet)
- 10/ However the urgency of the 22/23 situation will require more urgent action. @BMA_Pensions have already met with officials from DHSC & also HM Treasury to suggest 3 immediate actions that could help (View Tweet)
- 13/ [3] Finally if the Finance Act cannot be changed, other solutions like the 19/20 AA compensation scheme could be rolled out in all 4 nations
(View Tweet)
- 15/ Same edition of the ST @ShaunLintern reports 👇 that waiting lists could reach 14.3m by 2030.
We must urgently solve RETENTION of the senior medical workforce. @Jeremy_Hunt @sajidjavid @RishiSunak
Pensions tax is the elephant in the room
https://t.co/E38KG4642C (View Tweet)
- 16/
Please take the urgent actions required to solve this huge threat to the NHS.
#taxunregistered #CPIdisconnect
Please RT / share if you agree (View Tweet)
1/ Grateful for @Imogent...
Highlights
- 1/ Grateful for @imogent_ @thetimes covering the @BMA_Pensions GP CPI calculator in ST
See the problem for yourself by accessing free BMA tool at 👇
https://t.co/1ZJmUtCMxY
A financial advisor said "Doctors worry
about the tax bills in their pension. It has been part
of every
(View Tweet)
- 2/ conversation I’ve had with a doctor for
three to four years but now it is really front and
centre. This problem for the doctors is having an
immediate knock-on effect on waiting lists." (View Tweet)
- 3/ The key problem is due to the rate of increase of inflation which is unprecendented
(View Tweet)
- 4/ Due to the complex way AA is calculated, a flaw in the Finance Act uses the previous september CPI to define "opening value" which is how much your pensions can increase before being tested by the Annual Allowance. Last years CPI was 3.1%
(View Tweet)
- 5/ But this year inflation is currently running at 9.1% with Bank of England predicting it might reach 11%. Even at 10% by September, plus 1.5% for dynamisation / revaluation - this could cause eye watering charges for doctors, especially GPs who have longer in a CARE scheme (View Tweet)
- 6/ "According to the BMA, some GPs earning £115,000 (the average salary for a GP partner) could be lumped with an annual allowance tax charge bill of
more than £30,000 for the 2022-23 tax year"
(View Tweet)
- 8/ with runaway inflation. Inflation at 10% this year equates to a 10% real terms drop in the LTA by it being frozen. We already know there is a close relationship between lowering the LTA & Voluntary Early Retirements 👇
What will a further 10% real terms drop in LTA do?
(View Tweet)
- 10/ However the urgency of the 22/23 situation will require more urgent action. @BMA_Pensions have already met with officials from DHSC & also HM Treasury to suggest 3 immediate actions that could help (View Tweet)
- 13/ [3] Finally if the Finance Act cannot be changed, other solutions like the 19/20 AA compensation scheme could be rolled out in all 4 nations
(View Tweet)
- 15/ Same edition of the ST @ShaunLintern reports 👇 that waiting lists could reach 14.3m by 2030.
We must urgently solve RETENTION of the senior medical workforce. @Jeremy_Hunt @sajidjavid @RishiSunak
Pensions tax is the elephant in the room
https://t.co/E38KG4642C (View Tweet)
- 16/
Please take the urgent actions required to solve this huge threat to the NHS.
#taxunregistered #CPIdisconnect
Please RT / share if you agree (View Tweet)