Have you taken your NHS pension but not received your inflationary increase?
Earlier this year, we warned that some doctors were not receiving the inflationary increase due on their NHS pension. Since then, we’ve noted that the issue is getting worse with ‘missed’ increases becoming the norm.
The problem is especially severe for retired doctors who may have drawn their benefits several years ago but have not received the uplift every year that they are due.
When inflation was smaller, the figures may have been more difficult to notice but with inflation at a much higher rate over the last two years, the missed increases are becoming more evident.
Once you retire, your pension should be increased every April by the rate of CPI (consumer price index) from the preceding September. The CPI rate from last September was 10.1%. The rate of CPI from September 2023 which will be applied next April is 6.7%.
The response from the NHS Business Services Authority when the matter has been highlighted is slow, added to the frustration for many clients. In some cases, clients have been chasing since early Spring this year, although we believe that the Authority can be several years behind on payments.
We understand that the BMA is taking up this issue directly with the NHS Business Services Authority. While we await further news, please do check your figures thoroughly. If you believe your pension payments are incorrect or you would like to find out more about any inflationary increases due, please contact Lionmede Wealth Management who will be happy to help.
Initial financial review meetings are complimentary.
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