Jack Needham (NHS Pension Specialist)
@Jack__Needham
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Technical Director at Medifintech providing NHS pension support & Analysis for IFAs, Accountants & Direct to members (link below)
North West, England
Joined July 2022
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Pinned Tweet
This is why we always ask for Payslips. We Check everything, Arrears payment for a consultant who has been on the wrong increment ladder for 20+Years. Very hard to spot but after challenging the trust, a huge arrears payment. £85k Owed and now paid! result!
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UPDATE - For anyone who hears of us or follows
@jack__needham
or
@gdcuk
& unsure of who we are or what we actually do. This mini Vid explains, Clearer than a twitter thread, and easier to follow.
#NHS
#NHSPENSIONS
#MEDIFINTECH
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Another good year for Medifintech. All judged by the amount we have saved for medics, on top of influence we have had to the forever changing system. We expect a busy start to 2024 with McCloud but we are developing logic to help with this.Thanks all for the continued support👏💙
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So our error ratio discovery isn’t 1 in 5 for errors anymore, but we have reversed a record total of £653,850 in errors that would have resulted in overpaid AA tax this month. Some big individual errors with one Dr holding the record with £169k saving!! Frightening numbers!!
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The importance of checking Tax positions! Huge rollback of AA tax incoming! All down to Admin errors - albeit, pension taxation doesn't help but Always difficult when the process is so complex, for reassurance, even a basic check is worthwhile!
#NHSPensions
thing continues to be a nightmare. Luckily I got
@Jack__Needham
to have a look mine. Man’s a genius. Helped me understand it & spotted literally tens of thousands of £’s worth of errors in my pension record. Recommended ✅✅✅
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Day 1 being Full time at MediFintech. Great team, made up of former NHSBSA experts. Will be tweeting about
#NHSPensions
, So DM if there's any topics you'd like me to cover.
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We have been asked about how much we charge for our services, we are in the process of uploading this to our website, so in the meantime - please see below:
To Engage, please register here :
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**UPDATE**
After a few late nights & early mornings, we have now updated our report model to include the changes that are due to be implemented from the Spring Budget.
AA increasing to £60k & abolishment of LTA tax charges is now reflective in our report.
Same link applies.
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@rajivsingh100
We will check again that it is corrected properly. All arrears will be allocated to the year they belong.
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Great result today, 1 of our first completed direct reports received confirmation that employer had made an error with misallocated payments for pensionable pay. Saving of £2501 + now has access to 19/20 comp scheme = extra £300 at retirement paid for by Govt! 🥳
#checkyourpay
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Big thanks to our customers who've left reviews on
We're very grateful for the 5-star reviews for our NHS pension support service🙏
(register here: )
Looking forward to sharing this with the team today – they’ll be very chuffed
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Saved another member £5.7k today with our NHS pension report
A few days to go and it's looking like we might save members over £100k this month🤯
Here's an example of our analysis "
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This is becoming a frequent tweet but, we are finding some horrific errors on records recently. Last 2 reports completed already amount to £297k combined savings in AA tax. We are starting to log a trail of all errors which we will feedback each month. Always check AA tax 💸
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Well done to the Dr who I think was a GP from Manchester on my flight to Palma this morning. Dr helped a passenger who became quite poorly at the request of the cabin crew…Dedicated to help even whilst on holiday 👏👏👏
#NHS
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So true! A lot of fear about future governments - we are seeing more and more senior medics cash in early, and although there are other factors, future tax issues is one of them!
Good article Sir
@stevewebb1
@ft
re LTA
He’s absolutely correct very real risk of an exodus around the election & we
@BMA_Pensions
have been very clear with shadow health & treasury teams-doctors will need the DETAIL before the election to change plans
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#NHSpensions
#CPI
Latest trending rate announced at 9.9% today - a slight decrease from last month however with one month to go before final rate announced, some costly annual allowance charges expected for medics as things stand.
#cpidisconnect
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Recently we spotted a huge error. AA Growth calculated based on incorrect employer submissions & disguised by a Bronze CEA award. On closer look & after some fixes + 6 weeks later. AA Tax bill reduced by over £80k. Always good when the estimated savings come to life.
#NHSPensions
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Quick 1 - NHSP are moving towards automated AA statements. This will replace the historic "bulk issue" AA statement whereby 1000's are issued in October. Some of you may have already received 21/22 AA statements. GP's will soon start to get 20/21 AA statements
#GP
#NHSPensions
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If you haven’t checked your pension records & you have paid AA tax, now is the best time to check, before Mccloud remedy.
This vid with
@gdcuk
&
@MedicsMoney
goes into detail on how easy mistakes occur and go unnoticed, collectively costing millions 💸💸💸
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AA Statements!
We have had it confirmed that members may receive PSS for dual membership at different points.
PSS are printed in batches so that printing doesn't fail. It could be your 1995 PSS is in batch 1 on day 1, but your 2015 statement is in Batch 10 on day 10. Just FYI :)
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1/ CPI UPLIFT TO PENSIONS!
If you have retired and are still waiting for NHS Pensions to apply inflationary increases to your pension, they are likely waiting for completion of a form which is not well advertised.
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If you are planning eary retirement, aim for a day on your birth date. Reduction factors are staggered monthly backwards from your normal retirement age. So if your bday is 10/10/1970. Aim for retirement on 10/10/2025 rather than 9/10/2025 - it’s worth more 👌- for example !
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Good To See the Pensions Guru
@GDCUK
appear on
#martinlewis
- lots of Niche rules surrounding
#NHSPensions
but lots of good help available.
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📢We are pleased to announce the launch of Medifintech Events
Due to popular demand, we are setting up a schedule of NHS pension education events, supporting members across the UK
Email: events
@medifintech
.co.uk if you would like to schedule a webinar
Please share / retweet
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The best bit is, we all love what we do
🎉 Celebrating 5 incredible years of Medifintech!🥳
Huge shoutout to our amazing staff and heartfelt thanks to our loyal customers 🙏
We've supported thousands of members, saved £millions, and helped change NHS pensions for all
Here's to many more years of success together!🚀
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Lots asking about early retirement and the cost etc. Factors are published online however rough calcs are about 5% reduction per year but you do get a pension in payment for longer and it does reduce LTA usage. As usual - get some informed info before jumping too early 😬
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Early start after bank hol, upon reviewing a case for a new client, we found a historic error where misallocated arrears for a backdated CEA had been included in the wrong pension year. The Dr was fully tapered VS the standard AA and saves 9k by correcting the error with payroll.
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Worth a read. Good points throughout - the increase in clinicians and other NHS staff facing AA charges in 22/23 due factors such as inflation is crazy. We are seeing more and more unexpected salaries fall into AA charge territory.
Good article from
@laurenalmeida_l
highlighting why government needs to urgently address NHS pension issues
"Graham Crossley said that the Government had moved too slowly. The proposed measures still fall short"
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Busy 1st month of our direct NHS pension support service
Lots of good feedback saying it's the first time members have understood their pension
Worryingly, we found errors in nearly 20% of cases
On the plus side, we've saved ££££s correcting AA & contribution errors
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For those who moved on 2008 Choice (2nd Exercise) you will receive a statement to revoke decision within the next 1-2 weeks. Decision can be revoked by email response, putting you back in the 1995 scheme. Not sure how statement will look but a big decision tht could be beneficial
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This was due to a restructure of management and member was stepped down to previous position un-knowingly cruising to a pension of £7k a year less. After spotting this, we pointed out the regulation. Went through the motions and gained £21k tax free LS and £7k pension per year.
Great result today
We did a pension report for a 55 yr old
We spotted they should have had pay protection 7 years ago!
Now been agreed by NHS pensions🥳
Pension⬆️£7k per year & Lump Sum⬆️£21k🤯
Amazing what can happen when experts review NHS pensions
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Good work by
@gdcuk
Ill health retirement is complex, it’s easy to sleepwalk through the complexity but some specialist knowledge can be worth a lot for pension benefits. Always appeal a SIHC test!
NHS pensions are complex, especially Tier 2 Ill Health Retirement Pension (IHRP)
If you fail HMRC’s SIHC test, your pension can be significantly reduced due to annual allowance tax charges
Very few realise you can appeal
Sharing this knowledge with
@rheumipainmask
saved £,000s
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Urging all retired members to check this. We recently checked a pension paid in 2019 with no inflation applied since.
This resulted in £17k of missed pension arrears + interest.
Compound inflation is worth about 20% for the previous 4years.
Painful admin can be worth it!
1/ CPI UPLIFT TO PENSIONS!
If you have retired and are still waiting for NHS Pensions to apply inflationary increases to your pension, they are likely waiting for completion of a form which is not well advertised.
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Lots of tax’s charges are disguised due to medics expecting tax charges in current climate, important to check either way. We’ve had numerous chats where we are asked how tax is best to be paid only for it to disappear upon investigation.
Thanks to all who have used our service
What a year🎉
@Jack__Needham
joined in July to head up our Direct service & that's already corrected £1m Annual Allowance and Pay errors🤯
That's on top of £1.5m saved via our Accountant & Adviser support
📢If you've had a significant AA charge it's worth getting it checked
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#nhspensions
lease cars. Awesome deals BUT, might cost significantly more if timed incorrectly. Had lots of DMs about car leasing, not surprising as this is one of the most common scenarios that we are asked to model and the impact very much depends on individual circumstances!
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Could be one of our most popular webinars, which is why we have no limit on attendees. There are certain things Drs can do to make this year efficient. Big pay rises likely reintroduce AA tax for most, checking position in advance can potentially avoid sleep walking into a charge
We've had lots of questions today about the impact of the pay deal
Many concerned about pension taxation
To help explain how this could impact you, we're putting on a free webinar
Join us at 19:30 on Wednesday Aug 7th
Register here:
Please share / RT
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Finally into our new office! Let me know if there is anything you want to see us develop or help with that might assist you better.
Webinars are on our agenda
@gdcuk
Also, we help all NHS staff - not Just Dr's.
Medifintech opened our new office at Blackpool Technology Centre today 🙌
(just a few miles down the road from
@nhs_pensions
👋)
Plus...2 new starters on Monday - the breadth and depth of knowledge in the team keeps getting better and better 🤓
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FYI
October deadline for roll back fast approaching
Above 50’s affected by mccloud are now back in the 95 scheme with 15 scheme transition date of 1.4.22
Partial retirement will likely be paid as 95 scheme for remedy period with choice to be given within 12 months once retired
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All clinicians should review how their annual allowance tax charges were paid in 19/20 (if applicable). If paid in cash, it could be an error, as scheme pays charges are compensable IF you worked clinically. Now is the time to check, before McCloud, to make any necessary changes.
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Mccloud is likely complex…Yet to be certain, but we have created a Mccloud remedy service in addition to our current report service. This is not to replace - it is to assist our current models. Worth checking
A vid to explain on the link. Please retweet
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Thanks Alex, worth mentioning, you don’t need huge tax bills to use our service - a lot of what we provide is educational as well, so reassurance is a big part as well as in depth explanations. Knowing what is coming is equally important.
@gdcuk
@Kevin_Fong
@Jack__Needham
Worth pointing out too that my experience was wholly reassuring. A bargain to get that and help going forward. Doesn’t apply just to those with huge bills (may be mistaken) but many won’t necessarily suffer hugely and getting head of the sand is great!!
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10 days of this then back to pensions, medifintech still working hard behind the scenes. Contact the team for anything pension related admin
@medifintech
.co.uk or - we’re still reversing ££££’s in overpaid AA tax and finding numerous errors on records!
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Everyone should check their pension record at least once! If there are problems which could blindly cost £££’s, they become harder to fix as time progresses. It also prevents sleep walking into a stressful situation. Start by requesting your service record or ask a known expert.
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Awareness post, We have been contacted by so many to check pensions that have recently been authorised. We are finding a lot of errors, even with basic service patterns. If unsure, ask NHSBSA for a breakdown. Some of the errors can go unnoticed and you could miss out on ££££'s.
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#NHSPensions
Some interesting finds today & one to check. Did a report for a HOS Doc who moved to 08scheme via choice exercise. Added years conts are still to this day being deducted from wage slip yet AVC contract closed in March 2015. Big refund coming for this DR... 7.5years
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Large risk of AA tax for a high % of Dr’s, I suspect an unintended consequence of the New NHS consultant pay rise and pay deal. I wonder if
@RachelReevesMP
has considered the impact this might have on Dr’s reducing commitment or even retiring early…
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Tip: If you are a GP and have opted out + coming up to retirement - it can be worth opting back in (even just for final month) for most so the dynamising is retriggered. Very surprising at the increase in pension 1 month contribution can make (depending on time out of scheme)
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Partial retirement is a great option however, if you have a lease car, check your plans first as you could be losing ££££'s if timing isn't correct.
If considering partial retirement, think twice and check the maths before getting a lease car.
Please get in touch for specifics.
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All public sectors will need this warning so that plans for retirement are not held up by string and uncertainty.
McCloud also slap bang in the middle of the drama. 😬
I do hope Labour set out what they'll do on pension taxation before the election on July 4th
Drs have already been in touch to work out what their pension would be if they retired in July/August for fear of a return to punitive pension tax
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One of our biggest errors found on a pension record yesterday for a 5yr Dr. Employer Duplicated pay for a PT Post starting mid-year & added a contract as rate per hour (£86) rather than per session for £40k a year job pre consultant, resulting in £26k AA bill - £00 once fixed
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We love this feedback - we are of course hoping to help with the issues in pension taxation by encouraging govt change! But if we can help along the way and correct unnoticed errors through no fault of individuals, it adds to the joy of the job!
@gdcuk
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What an amazing experience to witness nature at its finest! Kids loved it!! So did I!!
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Understandably lots of worry RE. AA however, McCloud remedy potentially sorts for some Until 31.3.22. We have demonstrated this in our models to DR’s, BUT, still worrying future as CPI disconnect means AA charges will creep back in over the years as they re-accrue 2015 benefits
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This was a result of having protected pay that was not used in the Annual allowance calculation. If you have protected pay, worth checking your AA statements use it in the calculation. Saved £20k pre mccloud, and £7.5k post mccloud on this occasion.
So pleased I asked
@Jack__Needham
to review my annual allowance statement. He was able to identify an error that will save me a substantial anticipated cost. My only regret is that I didn’t contact him sooner as it would have saved me a lot of stress. Money well spent. Thankyou!
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This is a good result from the consultation - if you have less AA tax when moving to legacy scheme for re-assessment period, and then choose to go back into the 2015 scheme @ retirement for those 7 years. It means you have dodged the bigger tax charges on the way 👍🥳
We knew that McCloud remedy 'rollback' triggers an annual allowance reassessment based on returning to 95/08 scheme during 2015-2022
Very glad to see confirmation that a subsequent 2015 choice at retirement won't trigger an additional retrospective annual allowance reassessment
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@otolaryngolofox
@gdcuk
@jack_needham
@goldstone_tony
Glad we could help explain the intricacies of the NHS pension!
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@AliHusain82
We do a full review of pension record as part of the whole service. Our rate is on our website when registering.
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Image on how to check if you can apply for IP16 without having to Pay NHS Pensions.. Save your cash! If you have private pensions outside of the NHS. You can also add this amount to the valuation.
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Part 1 should be on track. Deadline is today. All or the majority of members affected will now have service reflective of being in the legacy 1995 or 2008 scheme up to 31.3.2022. Next up is the re-assessment of AA tax. Don’t forget AA tax is on hold for 22/23
#NHS
#McCloudremedy
Happy McCloud RemeDay 🥳
It's taken a long time to get to this point
There's lots of myths & misunderstandings, but also some great resources to help you understand how this impacts your NHS pension
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Due to popular demand. Another educational webinar to help with that sleepwalking fear of taxation and unknowns with your NHS pension. There is a lot coming up, this webinar is tailored to help. Please share! 1st May. 7.30pm
📢I am pleased to announce our next free webinar📢
"How Medifintech can help you through the McCloud remedy"
19:30 - 20:30, Wed 1st May
This event is aimed at Hospital Doctors, GPs, Dentists & Senior Managers
(AFC staff webinar coming soon)
Register:
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Anyone who opted out and has been out for over a year, please read & Share
Below is an excerpt from 1995/2008 Pension Guide v24.
In short - previous opt out salary + inflation can be used if more beneficial than Final Sal. With new pension rules, re-joining could be a good deal.
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Unsure about options,
What does partial retirement mean?
What does mccloud remedy mean?
AA tax?
AA Reassessment?
Max Lump Sum?
Scheme pays charges?
2008 choice 2 reversal?
Ensure your pension record is in check with our comprehensive service.
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@MikeWhi29270353
Thanks Mike - Agreed, this is also part of the remedial work. HMRC not as easy to deal with but all noted. AA Taper could also be triggered quite easily as a result now.
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And for some, going 1 penny above £200k taxable income could cost 20k in additional AA tax! The system is totally bizarre. There are certain barriers where efficiency can be extreme!
@medicaccountant
@DavisVThomas
@Jack__Needham
and I have been modelling a number of scenarios for senior healthcare workers and we may end up again in the daft scenario where doctors want to work to help bring down waiting lists, but will not be able to because of triggering AA taper.
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We have lots of real examples of members who will be affected by this current flaw.
We knew in advance and collectively (with others) raised this with relevant departments.
More time lost and again members affected who would be entitled to more if calculator went back to 10/11
Definite flaw in new HMRC calc
We can check this on HMRC's existing AA calc
Putting same data in both yields different results
(My maths matches existing calcs🥳)
'amount on which tax due' overstated by £13,273, which reduces compensation paid out
(Data set & results below)
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Thanks to all who have taken the time to leave us reviews online. Very much appreciated, some awesome feedback for our team
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Better if never re-introduced. This Yo-Yo effect of LTA has been Fair, Unfair, Fair and then annoying to any high earner trying to plan a retirement.
A reintroduction will need to be decent - especially if Govt want to encourage retention of senior medics.
EXCLUSIVE🔴-- Labour has ditched plans to protect some public sector professions from the Lifetime Allowance if it wins the next election.
Instead, it's working out what level to reintroduce the threshold at taking into account substantial inflation..
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This is what we are here for, we support everyone - including IFA’s and accountants.
With mccloud, Opted out members now have opportunity to potentially buy service back under contingent decisions - but there could be other things to consider in each individual circumstance!
When Chris came to me he needed support on retiring from his NHS post.
He didn't understand what he was entitled to, the taxation issues he was facing with annual allowance and the other complications that come with retiring after opting out of the scheme
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Interesting one - spent the evening checking how certain variables can impact AA because of the new pay deal. Also depends on increment points etc... thought I would share, also based on a real example...
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Pleased to announce - in addition to our existing report service,this should be no additional cost in anticipation of the Govt compensating members for this service. This is to finalise the work that needs to be completed once Mccloud remedy is implemented
📢Exciting news📢
We're launching a groundbreaking McCloud remedy service to help you recover £,000s
Great news - our costs should be covered by the McCloud compensation
🚀Full service launching 2024🚀
First come-first served, so pre-register now at
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Awesome from
@nhs_pensions
, looks like they are helping out members with retirement date before 6th April by checking retirement plans. Dates shouldn't need to change, important part is the BCE (benefit crystallisation event) which is basically the date payment is made. 👇
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@KayePriceWealth
Glad I didn’t know this, as we wouldn’t have an office left if I took these 2 in 😂😂
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Would've been a horrific surprise once Mccloud remedy takes place - now is the best time to get records checked and corrected in preparation for Mccloud.
If the data is correct, Mccloud remedy will be easier for individuals to navigate.
Link below :
Thank you
@Jack__Needham
from Medifintech. After a massive shock from the brown envelope, you have saved me >140k in tax by finding a big error in my pay records. Highly recommended ++, particularly if something doesn't look quite right!
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Factor in the effect of tapering or return of a lease car or end of a salary sacrifice, and annual allowance tax will increase even more.
BUT, lets not blur the fact that this is a good pay rise and will boost pension pots.
DDRB Update: Pay uplift of 6%
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)
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@dbab1981
You need to check each pay point, and be sure it matches with the basic pay on your payslip.
this will help :
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We have had a lot of interest in our McCloud webinar which will include everything you need to know to navigate McCloud remedy. This is a FREE event and will be recorded. We will also open up Q+A at the end.
Aimed at Consultants, GP's and Management.
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Perfect! Good decision and super useful for opted out members wishing to buy back service.
2/ Where members have opted out 6 months before the remedy peripod (i.e. 6/12 before 1st April 2015) to the end of the remedy period (31st March 2022) will be able to buy back lost service with a "low bar" for evidence
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Thank you for your feedback Callum - Hugely Appreciated. Mccloud can have a significant impact on AA Tax positions, so important to check both current and future AA Tax position (post Mccloud) to help judge any impact.
So impressed with
@Jack__Needham
and the team at MediFintech. Finally I’ve got some clarity on my future NHS Pension, the impact of scheme pays and learned some things about the MacLeod judgement that have a real impact. Would highly recommend to others
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Another Pension + Payment mistake. Missed increments due to trust applying them manually. Underpaid and under pensioned. Large arrears payment incoming and a much higher pension for retirement. Checking your pension can uncover other mistakes, difference of £7k income per year!
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AA statements should be on hold with scope to issue full remedy statement by October 2024.
We have seen some 22/23 AA statements issued for fully protected members but most should not receive one this year.
If uncertain, we’re here to de-mystify the mess.
#NHSpensions
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Worth a listen. Understand the pay deal in depth!!
📢Consultant Pay Offer - Annual Allowance Impact📢
I've had some great questions this week about the AA impact of the pay offer
Check out my quick 15 mintue analysis and subscribe to our YouTube channel
Please share / RT🙏
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More and more Trusts are moving towards pension contribution recycling however, always do the maths and seek advice before leaving the NHS pension scheme. High AA tax bills sometimes look ugly but can result in great returns 🤓🤓
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There will be 3 months, likely STRICT deadline for this decision. Everyone should consider implications of both options and to hearing an explanation from an expert speaker in
@gdcuk
may just be enough to keep you best informed.
Following
@Jack__Needham
post on revoking Pension Choice 2 decisions, we've had a few requests asking what this all means
Happy to oblige - I always like talking about NHS pensions🤓
Pension Choice 2 Webinar:
Wed 28th Feb 19:30 to 20:30
Register here:
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If you suspect errors… always good to get your records checked 👍
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The automated AA statements should issue based on Data being updated (which happens from April onwards).
As the scheme is so big and complex, it may take some time to be perfect however, definitely an improvement.
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Similar errors with Misallocated arrears. This can be a big Tax charge if left alone, more important for consultants, but this can affect any with additional payments as part of their salary.
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There are lots of approachable professionals who can help with this, a good starting point is to request your service history and AA history from NHSP
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CPI @ 10.1%, added to potential errors are just accumulating further unnecessary AA Tax 'to pay' if un-noticed
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Final announcement for 2022! Doesn’t help AA growth 😫
📢 September CPI = 10.1% 📢
Government promised to fix NHS pensions to avoid a workforce retention crisis
They better have a good plan!
With this level of CPI, 2022/23 will have some of the highest annual allowance tax charges that healthcare workers have ever seen🤯
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Not the best stats for late payments, I wonder how much is wasted in interest from NHS budgets, and I wonder how bad this is on a big scale…
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@drsas27
Initially will be posted however, last I knew, there is scope to digitise majority of info including AA and service. Again - won’t be instant but steps towards a better system either way.
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Widely expected that this was coming, but one of many unwelcome rules finally going! All it ever did was damage retention
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Also - the extra £300 is paid as an additional amount to the pension for life!! This will add up overtime once pension is in payment 💰💰💰
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If you are looking at partial retirement, we have been modelling this for a few months.
Now the guidance has been published - our assumptions were correct.
Worth looking at this option, Please get in touch for any info, or planning opportunity.📢📢
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