Tracey Kay

@goldstone_tony Does this calculator work if I have opted out of the pension scheme for 6 months as it looks like I’m going to be stuffed…. how easy is it to open a SIPP?

⚠️Lots of threads/posts on tapering, threshold, adjusted etc. Now we have March payslips can I tell you how I would approach it 1️⃣ Get your March 25 payslip. Note your YEAR TO DATE TAXABLE Pay. *IGNORE* gross pay and for now IGNORE pensionable pay. Dont use gross income and deduct pension contributions - the "taxable pay" already has them deducted so dont deduct it again. 2️⃣Do *NOT* add back in salary sacrifice for things likes cars and childcare. You are required to add in "relevant salary sacrifice arrangements made after 8 July 2015" - the key word here is relevant defined as "the individual gives up the right to receive general earnings or specific employment income in return for the making of relevant pension provision," - so DONT add cars etc back in. 3️⃣So you now have your NHS taxable income for the year. Now you need to add any other taxable income - think other PAYE, private practice, property, BIK, dividends, interest etc. Basically anything else that is subject to income tax. Less employment related Income Tax Reliefs claimed via tax return i.e. GMC, BMA, MDU etc 4️⃣Do NOT take off gift aid for normal charitable donations which is another common mistake Ive seen experts make. Note you can do this for the ridiculous £100k cliff calculation, but not threshold/adjusted 5️⃣So your NHS taxable income plus all other taxable income, less any other NON NHS pension contributions i.e. a SIPP, is THRESHOLD INCOME. If this is below £200k you are not tapered and have the full £60k allowance and any carry forward (use the HMRC carry forward calculator to work out if you have carry forward - you will have needed both your RPSS to the 22/23 tax year and 23/24 PSS to work this out, latter obviously also delayed in England & Wales - you can estimate 23/24 using the tool below). 6️⃣If threshold income above £200k you need to work out ADJUSTED INCOME. You wont find out your PIAs for 24/25 until October 2025 but can estimate them using the link to the free tool and video below. If you are in 2008 its a bit more involved, and I wouldnt advise the NHS Employers modeller for this as for 2008 it ignores reckonable pay so is wildly innacurate. Adjusted income is THRESHOLD plus deemed PIA pension growth accross both schemes plus any other pension growth or SIPP contributions etc. The free tool below will help you calculate this. 7️⃣The free tool below will help you estimate your threshold and adjusted income, so see if you can expect a liability for 24/25 (due Jan 26, scheme pays Jul 26) WHY IS THIS SO IMPORTANT in 24/25 Because of the 23/24 pay award paid in 24/25 and DDRB 24/25 many people will have VERY LARGE PIAs - Im year 14 (just) and my PIA is over £150k. That means if you go over THRESHOLD income, when you add in the PIA, tapering can be BRUTAL and reduce your allowance from £60k down to £10k - that might increase your AA tax charge by £22,500 (45% x £50k reduction). So if your THRESHOLD income is CLOSE to £200k you can still DURING THE TAX YEAR ONLY i.e. the next 9 days or so make a SIPP payment to reduce it below threshold income to avoid tapering. Say your THRESHOLD income (step 5 above) is £210k you could make a £11k GROSS SIPP payment which would reduce your threshold income to £199k which could reduce your AA liability by £22.5k making the SIPP free. See the worked examples in the video below Free tool and video to work all this out is below Free Tool: bit.ly/Goldstone2325P… Self help video: youtube.com/watch?v=CNYcur…

@gdcuk @nhs_pensions They won’t send service extract reports either, I have one from June 2024, can your team work with that and am I still allowed to use the service even though I’ve just come out of NHS pension due to AA growth for this year!

Definitely many in this situation. As I mentioned a couple of weeks ago, there's no point in requesting manual RPSS yet. It's a huge undertaking for @nhs_pensions, and to be fair, they're handling it better than some other schemes. We need to give them time to sort things out.

@gdcuk @RachelReevesMP @gdcuk - did we have to apply for them or will I receive it automatically? Anxious that I haven’t applied and jog I do now I’ll have to wait months.

Brown envelopes due to land in the coming days, 23/24 statements & McCloud remedy statements (15/16 to 22/23) New charges need to be reported by 31st Jan 2025 (for some, 2027 for others) - completely unrealistic We wrote to @RachelReevesMP last week to push for an extension

@gdcuk Time for me to come out the pension again - already had an increment I hadn’t planned for - I’m stuffed (one of the 27 year people!)

DDRB Update: Pay uplift of 6% nhsemployers.org/news/pay-uplif… For those who watched our Consultant Pay Deal webinar may recall this slide showing impact of DDRB (with a match to 6.7% CPI highlighted) At 6% - AA comes back into play for 24/25 (N.B: Benefits typically outweigh tax)

Very emotive and thought provoking talk from @ScrubSurvivors today. We need to feel empowered to call out inappropriate behaviour which is deemed just banter.

@namacey Ouch. Hope they are better for your birthday.

Two weeks of annual leave off to a flying start - just dropped a skip door onto my feet #enforcedrest

@chrisol1 @namacey @DrRichardPile @sdanson1 All I can hear in my head now is you guys and ‘Snell, snell!!!’

@namacey @DrRichardPile @TraceyKay19 @sdanson1 All credit to Stryer, who injected subtle humour into a monumental introduction to biochemistry. Sadly I feel more of my time was spent in the company of Snell…

Acid flashbacks? @DrRichardPile @chrisol1 @TraceyKay19 @sdanson1

@namacey @DrRichardPile @chrisol1 @sdanson1 Ours appear quite dusty on the bookshelf. Not sure what happened to Robbins pathological basis of disease ? Must have left hit propping open a door somewhere….

@gdcuk Having previously used your service, how can I get a further review? Very anxious about new Cons pay scales and another massive pension tax bill that I couldn’t plan for.

We do have quite a lot of cases in our workflow at the moment, so our usual turnaround time of 2-4 weeks may soon be stretched On registration please mention that you are a Choice 2 member and your deadline, and we will do our best to meet that deadline

Good to see Pension Choice 2 members successfully claiming costs of pension support under the NHS Cost Claim Back Service Medifintech can help compare the impact of revoking your Pension Choice 2 decision on your NHS pension benefits and taxation medifintech.co.uk/register

@lucysarahmorse @johns16_nina What’s on your training passport?

Induction packs complete with BSOTS merch all ready for new docs starting tomorrow! @johns16_nina

Our inspiring @SarahBates18 speaking to over 30 obstetric trainees at our preterm birth SWOT day. @peri_prem @PERIPremCymru @sally_hedge

“Court orders disclosure against healthcare safety investigation board” - a significant ruling ⬇️⬇️⬇️ civillitigationbrief.com/2024/02/26/cou…

@NICU_Musings Perinatal optimisation should be a bundle of care @peri_prem. We use Neo help bag to ensure head is covered and a transwarmer. Can’t read full article but what was the temp of the delivery room/theatre, what was baby temp on resus and what happens to baby during transfer?

With delayed cord clamping may come a ⬆️ risk for admission hypothermia in VLBWs RCT of polythylene bag before clamping vs after finds no diff in adm temp BEFORE 54/99 (55%) vs AFTER 55/98 (56%), p 0.824) Any other good ideas? pubmed.ncbi.nlm.nih.gov/38212105/ #neoTwitter

@namacey Thinking of you and your youngest.

Youngest son having surgery. Accidentally ended up being NBM (part circumstance, part out of sympathy) with him for the last 6 hours & now feel rough with a banging headache. Weird as end up doing the same most days at work & fine. Is there much worse than waiting NBM for an op?

We have few short notice spaces available on our coming advanced lap course in Devon on 6th December with great faculty covering advanced gynaecology laparoscopic skills on wet/ dry tissue models (see agenda for details) Get in touch if you would like to attend! #MIGS #simulation

"Trust leaders raise alarm over mad approach to scrutiny of maternity services" - an important article in @HSJnews today... My thoughts thread🧵:- hsj.co.uk/patient-safety…

@doctorrah @BICSoc I’m looking forward to it 😁. Always come away with new ideas and enthusiasm and feel reassured that I am not alone in this vast ever expanding post of LWL/governance/ safety etc.

Who's coming to @BICSoc conference in Cardiff then? And why does BICS always find the coolest venues?!

@jedi_cricket @bovey_cc

🚨 Weekend giveaway….🚨 Simply tag you club in and RT to be in with a chance to win ALL these indoors training balls! UK clubs only as we are too tight to post abroad.. Draw 5/11/23

@TailendersPod Please say a go well to my son Ben and husband Andy who are watching tonight in Bath 😁

TAILENDERS ON TOUR THIS WEEK!! tourlink.to/TailendersLive…

At RDUH eastern site we had a ceremony for the start of baby loss awareness week. We gathered to tie ribbons to our remembrance tree for all babies taken too soon. #BabyLossAwarenessWeek #babyloss