By: 13 February 2024
Cavendish Medical Column: Doctors facing missed pension increases

George Uglow on the inflationary uplifts you may need to check

Many doctors are missing out on the inflationary increase due on their NHS pension. This is something we check when assessing the pensions statements of new clients and we have seen many examples where the standard revaluation figure is wrong.

Doctors contributing to the 2015 NHS pension scheme (who have not had a break in pensionable service of 5 years of more) should see their pension revalued every year with inflation. This is at the CPI rate of inflation (consumer price index) plus 1.5%. However, many are not receiving their rightful sum due to payment delays from NHS Pensions.

These errors can be difficult to spot, particularly when inflation was low. Now we have seen higher inflation for the last few years, the missed amounts are much more evident.

We have seen many cases of new clients who have not received their inflationary increases for several years. This issue can be particularly problematic for retired doctors. They may have drawn their benefits several years ago but have not received the yearly uplift they should have.

Once you retire, your pension is protected against inflation by the application of ‘Pensions Increase’, which is linked to CPI. The current CPI rate used is from September 2022 when it stood at 10.1 per cent. The rate of CPI from September 2023, which will be applied from April 2024, is 6.7 per cent.

The NHS Business Services Authority has been informed of the issue and the BMA is also encouraging the Authority to make the required corrections.

Doctors are already facing complex issues with pay and pensions – not only the current pay dispute but the McCloud remedy too which could amend years of pension taxation calculations. You should be able to rely on the figures and statements you receive.


George Uglow is a chartered financial planner at Cavendish Medical – specialist financial planners for medical professionals in the NHS or private practice. For a second opinion on your finances, please contact us on 020 7636 7006.


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