Mark Belchamber

Living the pensions dream

[Mark Belchamber @MarkBelchamber]

@PengageLtd That should help.

[Mark Belchamber @MarkBelchamber]

@StubbingsAndy @archer_rs In the past, there were separate arrangements for the pensions for the three great offices of state – the Prime Minister, Speaker of the House of Commons and Lord Chancellor. These gave entitlement to a pension of half the final office-holder’s salary on leaving

Changed now!

[Mark Belchamber @MarkBelchamber]

@PengageLtd Best question?

[Mark Belchamber @MarkBelchamber]

@goldstone_tony @SteveBarclay Hi Tony. Great detailed (forensic) examination.

It appears to me that the £78k pension quoted is based on FUTURE retirement “a newly qualified consultant….” So the pension figure is what they may get in say 30 years time. In 30 years time that may be the case, but not NOW!

[Mark Belchamber @MarkBelchamber]

@Gbaji @PengageLtd @gdcuk This has “payroll error” written all over it. Although successor to ESR being planned so they can build the new rules in. Yeah right! 🤣

[Mark Belchamber @MarkBelchamber]

@PengageLtd @gdcuk @Gbaji I know this. They know this. The solution is clunky and confusing. Fear of red top headlines about public service getting pay AND pension. So what!

[Mark Belchamber @MarkBelchamber]

@PengageLtd @gdcuk @Gbaji No such requirement for accessing Personal Pensions…. Freedom and Choice….

[Mark Belchamber @MarkBelchamber]

@PengageLtd @gdcuk @Gbaji I just don’t get why a policy that is presumably designed to maintain/increase the workforce makes people drop time/pay/pension and creates more work to “creatively” make it happen….. why let just let folk take the pension they have accrued without having to change T&Cs?

[Mark Belchamber @MarkBelchamber]

@gdcuk Yep. I’m in the process of doing a calc for someone in that position. Opted out last October due to Aa and LTA and now looking at partial retirement…. May need to wait another month to keep Reg9 link!

[Mark Belchamber @MarkBelchamber]

@gdcuk Completely agree Graham. Bonkers. As is having to be in the Scheme to be able to partially retire. Why does someone who has opted out have to rejoin (for a month) so they can take flex retirement and then opt out (or rejoin) the day after?

[Mark Belchamber @MarkBelchamber]

It’s ironic that in the acronym filled world of the NHS a “Gratitude Poncho” will soon become a “GP”. As in, “Have you seen your GP before you came here?” 🤣

[Mark Belchamber @MarkBelchamber]

@goldstone_tony @JulianElford New rules from 1 October allow partial retirement and take 100% of 1995 scheme. And continue in 2015 scheme. But need to drop 10% of pensionable pay to qualify.

[Mark Belchamber @MarkBelchamber]

@PaulClaireaux 88.

[Mark Belchamber @MarkBelchamber]

@goldstone_tony @gdcuk Tony. Still doing a brilliant job of highlighting the issues but FOLLOWERS PLEASE NOTE. at thread 15 the impact of doing extra PAs had a starting point of c£185k and the extra income takes you over £200k. If you don’t earn that, extra PAs or WLI do not affect your pension

[Mark Belchamber @MarkBelchamber]

@goldstone_tony @gdcuk And cutting PAs or dropping work won’t necessarily reduce your tax charge from the 95 scheme either as this uses WTE pay. You just earn less…. and earn less pension in the 2015 scheme…. Get your own numbers done.

[Mark Belchamber @MarkBelchamber]

@goldstone_tony @gdcuk REALLY IMPORTANT TO NOTE THAT EXTRA PAs or WLI or any other (non-pensionable) income that DOES NOT take you over £200k does NOT impact the AA tax charge. Repeat. That is REALLY IMPORTANT!!! You can earn more by doing extra PAs or Waiting lists and not affect the pensions tax

[Mark Belchamber @MarkBelchamber]

@PengageLtd When you say chasers do you mean reminders or proper chasers? 🥃

[Mark Belchamber @MarkBelchamber]

@bluegrm @goldstone_tony @Jeremy_Hunt Let’s be honest. It’s a progressive tax system that means you only pay more tax if you earn more ££ or add more ££ to your pension. The AA tax charge reduces the value of the return on your conts but is essentially a removal of tax relief from the bit your employer pays

[Mark Belchamber @MarkBelchamber]

@goldstone_tony @Jeremy_Hunt Maybe he felt that a tax cut for those with 6 figure incomes and pension growth over £40k a year was too difficult a decision to make??

[Mark Belchamber @MarkBelchamber]

@PengageLtd @hall_nhs As they get a list from schemes of who has been sent a PSS it doesn’t seem much of a stretch for them to draft a letter and stick a stamp on asking folk on the list to explain what they did with it. Even if they compare with the income tax records and send just to >£100k earners