Rachael Hall (NHS Pension Specialist)

NEW: Following the issues with RPSS and PSS @BMA_Pensions have met with colleagues from NHSBSA. One of the many issues discussed has been difficulty accessing information. Ultimately we NEED annual allowance and related information in a self service portal (which was previously intended to be delivered in June 2020). One frustration I have found personally is you don't always get what you ask for if phoning or emailing @nhs_pensions. So thankfully they have agreed to allow requests by specific codes, so hopefully you should get what you ask for first time (if its available). You don't have to use them, but if do it's more likely you will get what you actually want, first time! Total Reward Statement = NHSP01 Manual pensions estimate = NHSP02 Pension Savings Statement = NHSP03 Remedial Pensions Savings Statement = NHSP04 05 'Service & Pay' Extract NHSP05 (format XLS or CSV) (note NHSP05 currently excludes AA / scheme pays) Some of these things are also available via other routes, i.e. TRS should be available on ESR (and in fact they can only send this to you if you previously viewed it). I will try and do a 🧵 explaining what they all are, what they show (and what they DONT show), and probably what we would all LIKE them to show (as none of the above are perfect!)... over the coming days or weeks; but in the meatime hopefully this should make it easier for those who need to request things like on demand pension statements etc etc.

Planning ahead to avoid, mitigate or reduce the impact of IHT on your estate is NOT tax evasion. Strategies are still available: • Trusts • Insurance policies • Exemptions and Reliefs Also re-distributing assets and switching property into the names of other family members can be an effective measure to avoid IHT.

It is right to do so, because the CEV would be totally disproportionate value to the estate (ie hypothetical annuity value) given its market value PLUS there is no “pot” to pass down to beneficiaries on second death.

@PJTheEconomist There is a major tax strategy here IMO, recovering lost LTA revenue by charging IHT on pensions.

But there are risks and problems too. She had to increase income tax, VAT or NI, but big increase in employer NI will hit wages. Spending is incredibly front loaded - top ups are inevitable. No sense of a tax strategy. Policy on stamp duty and fuel duty depressing beyond words.

My initial take on the budget here thetimes.com/article/promis… Kudos to the chancellor for investing for the long term. The payoffs are beyond the political cycle and great to see her bucking trend of the past when such long term considerations have given way to short term politics.

I don’t believe the govt have thought this one through, especially when they claim to be so focused on Service to Others.

Having read through the proposals in the Inherited Pensions document, I have to say that this feels all to familiar to me and that @hmtreasury is attempting to clawback its LTA losses via this mechanism.

@hmtreasury delivering a first class state education by the 1st January 2025!

So if all children who go to tax-payer funded schools are now getting a free breakfast - not means-tested - does this mean ALL children inc. at indy schools are also in scope? Surely this is discrimination? There are many much wealthier state school parents.

So does this mean members will need to submit an IHT return to PSAs and they become responsible for the correct payment of tax on the fund? There was a reason AA was subject to Self Assessment. This seems ridiculous.

The age old debate about sheltering funds in tax advantaged vehicles vs enjoying our wealth when we are young and healthy enough to do so. It’s a great problem to have - is it not?

Likely to be challenged by HMRC but there are precedents of this working. Often the issue will be the current payments out are small salary and then dividends. However, dividends aren't remuneration in the eyes of HMRC and so you couldn't swap dividends for school fees.

Discussion with an accountant @PhilHarnby suggests the following: - can potentially expense this as a p11d if you can claim it is part of a remuneration package. However, this would likely need to be treated as a salary pre transfer to the business paying the school fees.

The parents paying private school fees will feel the pinch, especially when considering the net effect of grossed up income needed to cover a 20% increase in fees, on a tax threshold which doesn’t thaw out until 28/29.

@DavidPenneyPRW Are Pilot Trusts dead in the water?

Why make pensions part of the estate when it is infinitely easier to apply say a 40% income tax charge on death over the LSDBA?

On point @DrSteveTaylor

The graph says it all. Support NHS 💙

@The_Gusman @goldstone_tony @ifs Some of do and we will keep pushing for you.

@hall_nhs @goldstone_tony @ifs No one gives a 💩 , that's the honest truth.

Take a look at the pay trends @goldstone_tony @ifs reporting on and then read the article which featured in the BMJ recently. A LTFT contract in the NHS is equivalent of a FT contract in the private sector - this is not progress! Who is looking after the health and wellbeing of the people looking after us?? Clearly nobody right now. It’s a disgrace. Support your 💙NHS.