ContЁЯСЗ
26/ If you have paid AA tax between 1995-22 it is likely your charges will be lower in 1995 than in 2015 scheme. This is because the AA rules are particularly unfair to members of 2 schemes. If your AA charges go down during any of the remedy period, you can claim a refund

27/ It does not matter if you paid cash for AA or used scheme pays, if you overpaid these charges can be refunded. If you charges go up (unlikely unless you have тАЬMHOтАЭ status) you may have to pay back tax. There is usually a statutory limit of 4 years for paying underpaid tax.
28/ This limit of 4 yrs of underpaid tax was referenced in the consultation document ЁЯСЗ, although the position is less clear in the full consultation response. We will need to see the final regulations to understand the implications.
29/ The consultation document also stated that members who choose reformed 2015 in retirement & incurred AA charges would be тАЬcompensatedтАЭ. Again detail in is less clear in the full consultation response. We will need to see the final regulations to understand the implications.
30/An important area are тАЬcontingent decisionsтАЭ. Many members took decisions i.e. тАЬopting outтАЭ of the scheme based on the age discrimination. @theBMA argued certain cases should automatically be compensated vs having to prove this on a тАЬcase by caseтАЭ basis
31/ Government disagreed, and now cases will need to be made on a case by case basis, putting a huge burden on members and also the scheme to resolve this, with no guarantee of success. This is very disappointing and will likely form the basis of ongoing legal action
32/ Another area which was very disappointing is regarding the need for advice. Govmnt acknowledges that members affected by AA (i.e many doctors) will be particularly affected - and therefore need advice as a result of the discrimination.
33/ You will recall I mentioned the тАЬcost capтАЭ mechanism. Previously the scheme had identified a тАЬfloor breachтАЭ ie the тАШ15 scheme was no longer тАЬgenerous enoughтАЭ (due in part to disgraceful pay rises). This should have triggered a rise in benefits i.e. 1/48ths instead of 1/54ths
34/ Instead government тАЬfrozeтАЭ agreed cost-cap due to McCloud & is now saying costs from the (governmentтАЩs illegal age discrimination) should be тАЬmemberтАЭ costs in the cost-cap likely removing the тАЬfloor breachтАЭ. In other words, they want YOU to pay for THEIR mistake. Disgraceful.
34/ As I said, the decision over legacy (95/08) vs reformed (15) will *not* be simple. Many factors important
тЧПwhen you want to retire
тЧПneed for lump sum
тЧПneed for dependent benefits
тЧПhow long your est. to live
тЧПAA/LTA tax between choices

*DONT ASSUME LEGACY IS ALWAYS BEST*
35/ We @TheBMA are actively looking if we can build tools - like the @theBMA Goldstone modeller, to help you work out your tax position in both schemes ЁЯСЗ, and help you make the decision. Many people will still need advice. WeтАЩll keep you posted.
36/ You've probably gathered, this is not straightforward! Some things have gone our way (like тАЬDCUтАЭ) - others will be an ongoing fight. ThereтАЩs never been a better time to be part of a union. @theBMA have got your back ЁЯТк
37/37

If you want to know more about pensions/"McCloud" , join me & @BMA_Pensions colleagues at one of our webinars. We've already had over 5000 people register, sign up early to avoid dissapointment.

Its free and open to all.
https://t.co/HhqdZ88c4m

Pls RT!

[END thread 2/2]

More from Finance

The Dutch regulator and DNB as financial supervisor are a tough cookie to deal with. In essence they hyperregulate EU-rules into goldplated Dutch rules which go beyond what is prescribed in Europe.

All NL-customers at British banks may thus be kicked out on brexit.

Thread

/1

If we start with the capital requirements directive, it says attracting deposits is forbidden. In article 9.

https://t.co/RYl7SXligC


Now the translation of that rule into Dutch law is slightly expanded to not only prohibit attracting deposits, but to also prohibit, having those deposits under custody ('ter beschikking hebben').

That's not in EU law, but it is in our Dutch law.

https://t.co/PsbWfNY3PA


So if you wonder how this would work out for UK banks and Payment institutions servicing Dutch customers. Have a read at the technical explanation of DNB, the financial supervisor and their summarising table.

https://t.co/LL0fAnYkRJ

Passive servicing of Dutch is not allowed!


Any bank or PSP in the UK that continues to serve Dutch customers (as in retail customers, professional players are excepted) can thus be subject to fines and policing under Dutch law.

Meaning we not only have Accidental American issues in payments, but also Accidental Dutchies
** MEGA THREAD ON Cryptocurrencies/Blockchain**

I wanted to know the best resources to learn about cryptocurrencies and blockchain for someone with zero knowledge. I asked Twitter, and Twitter answered.

This thread is a compilation of the best resources I was recommended. ЁЯСЗЁЯСЗ

Let's start with ** BOOKS **

The first thing you should do before you pick up any book:

Learn about Bitcoin & Ethereum by reading the respective whitepapers.

- [Bitcoin white paper](https://t.co/cErOaFn6QL) by Satoshi Nakamoto

- [Ethereum White paper] (
https://t.co/0g5kYCGJGq) by Vitalik Buterin

Even if you are not tech savvy, you can get a good grasp about how blockchain functions from these papers.

1) *The Basics of Bitcoins and Blockchains: An Introduction to Cryptocurrencies and the Technology that Powers Them* by Antony Lewis

This book covers topics such as the history of Bitcoin, the Bitcoin blockchain, and Bitcoin buying, selling, and mining.

It also answers how payments are made and how transactions are kept secure.

Other cryptocurrencies and cryptocurrency pricing are examined, answering how one puts a value on cryptocurrencies and digital tokens.

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