Alan Riches: Quilter Financial Advisers 💙

Specialists in NHS Pensions, professional financial advice for members; Financial Wellbeing programmes for employers

[Alan Riches: Quilter Financial Advisers 💙 @AlanAdvice]

⁦@Quilter⁩ #Wellbeing #EmployeeWellbeing #FinancialWellbeing #NHSPensions #NHSPensionsExperts https://t.co/MSvmYJWRxw

[Deborah Meaden 🇺🇦 @DeborahMeaden]

He genuinely has no idea how trade deals work does he.

[NHS Pensions @nhs_pensions]

You can now contact us on Facebook!

We're here to answer any questions you may have from 9am-5pm, Monday to Friday.

For security reasons, please make sure to put all your personal information in a direct message 📨

https://t.co/928XJdcTXB

[Teachers' Pensions @TPScheme]

Employers - your July Bulletin containing all the latest Scheme news is now live.

Read it today: https://t.co/DCaexXUOWB

[Martin Lewis @MartinSLewis]

I'm getting quite a few people getting in touch concerned "The State Pension will start to be taxed" on the back of newspaper articles. I thought it worth making a few simple points to clear up possible confusions...

1. The State Pension is already taxable and always has been in my memory, in other words it counts towards your taxable income. Many State Pensioners who have other income too already pay income tax.

2. The stories are based on the fact the annual personal allowance - the amount you can earn before any tax is taken - is frozen at £12,570 (this is effectively a way of stealthily raising the tax people pay each year)

3. The State Pension annual rise is currently based on a 'triple lock' (ie it rises with the highest of avg earnings, inflation or 2.5%).

4. The stories are about the fact the triple lock means the current headline £11,973/yr State Pension may rise above the £12,570/yr personal allowance in a few years time. So some who's only income is the State Pension would then pay tax on the portion above the personal allowance.

5. The £11,973/yr quoted is somewhat misleading. It's the amount someone on the... FULL, NEW State Pension would get. Yet most pensioners (all who hit State Pension age before April 2016) are on the OLD pensione, which has a lower basic amount. And many don't get the full pension as they don't have enough National Insurance years.

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So overall the fact 'the State Pension alone may be taxable for some', is primarily a function of the fact that personal allowance is frozen, and the State Pension rises significantly each year.

One way politicians could avoid it would be to increase the personal allowance (for everyone or just for state pensioners) yet it's worth being aware another way to do it would be to end the triple lock, so the State Pension doesn't rise as high!

I'm not aiming making any political point here. Just trying to explain how it works as I've had quite a lot of questions.

[Teachers' Pensions @TPScheme]

As summer break approaches, now's a good time to check your employment history with us to ensure it's correct and up to date.

Log in and check: https://t.co/M9O62y8zj7

If you do find any missing service or inaccuracies, please contact the relevant employer and report the error.

[Alan Riches: Quilter Financial Advisers 💙 @AlanAdvice]

@SocialistHB @kwelsh1 @wesstreeting Hi Holly, Quilter is supporting those affected via RCN @MidwivesRCM etc. running webinars and 1:1 surgeries. To clarify, are departures due in August? Is this local/regional or national?

[Alan Riches: Quilter Financial Advisers 💙 @AlanAdvice]

I’m excited to Introduce the Quilter Financial Wellbeing Programme as an employee benefit!
Tailored for employers seeking to bolster employee wellness by providing financial education alongside existing wellbeing benefits.

Download the brochure:
https://t.co/lihVumR8PW

[Alan Riches: Quilter Financial Advisers 💙 @AlanAdvice]

Great to meet Lucy Liang, Chair & Trustee
at @cmvactionuk during @MidwivesRCM Annual Conference this week! #RCM #rcmconf25

[Graham Crossley (NHS Pension Wonk) @gdcuk]

We identified an issue with cost claim-back payments for those accepted by NHSBSA with a letter dated 28th November.

Thankfully, NHSBSA acted quickly after our notification, and you should have received your payment yesterday or today.

[Graham Crossley (NHS Pension Wonk) @gdcuk]

Another 5-star review 🙏

This time for our McCloud remedy support service.

Still time to register to meet the January deadline:

https://t.co/l99MMqWa6G

[Dr Tony Goldstone @goldstone_tony]

1/4 When even @DHSCgovuk are having to point out how useless the #taper tax is, you know its time to review this @TulipSiddiq @RachelReevesMP @wesstreeting

In government's submission to DDRB today they give an example showing a £2 increase in non-pensionable income causing a

[Alan Riches: Quilter Financial Advisers 💙 @AlanAdvice]

#NHSPension #RPSS

[Graham Crossley (NHS Pension Wonk) @gdcuk]

Concerned about not receiving your RPSS yet?

Please don't worry🙏

📢NHSBSA confirm RPSS will be sent out by end of Feb 2025

You'll automatically get a 3 month deadline extension

For your 2023/24 Self Assessment, you can declare £nil AA breach now, and revisit later if needed

[Graham Crossley (NHS Pension Wonk) @gdcuk]

It was good to talk to the Financial Times concerning the panic caused by all the rumours about pension taxation changes in the upcoming Budget
https://t.co/TNCSIyb3uK

[Alan Riches: Quilter Financial Advisers 💙 @AlanAdvice]

@HCSANews #NHSPensions #NHSPensionAdvice #QuilterFinancialAdvisers

[Graham Crossley (NHS Pension Wonk) @gdcuk]

Latest McCloud remedy newsletter released

Confirms Scheme Pays Elections will be needed when accountants support the member through HMRC digital service

(this is probably a good thing, especially in complex cases - lots of scope for error)

https://t.co/gcUrj5aAQf

[Alan Riches: Quilter Financial Advisers 💙 @AlanAdvice]

@MidwivesRCM #NHSPensions #NHSPensionAdvice #QuilterFinancialAdvisers

[Graham Crossley (NHS Pension Wonk) @gdcuk]

Latest McCloud remedy newsletter released

Confirms Scheme Pays Elections will be needed when accountants support the member through HMRC digital service

(this is probably a good thing, especially in complex cases - lots of scope for error)

https://t.co/gcUrj5aAQf

[Alan Riches: Quilter Financial Advisers 💙 @AlanAdvice]

@theRCN #NHSPensions #NHSPensionAdvice #QuilterFinancialAdvisers

[Graham Crossley (NHS Pension Wonk) @gdcuk]

Latest McCloud remedy newsletter released

Confirms Scheme Pays Elections will be needed when accountants support the member through HMRC digital service

(this is probably a good thing, especially in complex cases - lots of scope for error)

https://t.co/gcUrj5aAQf

[Money Marketing @_moneymarketing]

🚨 #PensionsAwarenessWeek highlights a worrying trend: millions may delay retirement as pension savings fall short. 54% of UK workers expect to work 7 years longer than planned. Find out why: https://t.co/jZWK12SqoL

[Money Marketing @_moneymarketing]

📝 How early is too early to start retirement education? David Simpson explores why engaging young people in financial planning could set them up for a brighter future. Read more: https://t.co/olGN3dYofn