GP pension changes delayed by six months

18th February 2022 by NASGP

GP pension changes delayed by six months

Changes to the amounts GPs will contribute to the NHS Pension Scheme have been pushed back six months, Pulse reports.

GPs will contribute new amounts from 1 October 2022, six months later than planned.

On 1 October top rates will fall from 14.5% to 12.5% over the course of two years, reducing contribution costs for GPs.

The changes have been announced amidst numerous stories warning of the rising cost of living across the UK.

Last week it emerged that GPs had had to be compensated £1.5m for pension errors made last year.

Dr Richard Fieldhouse, NASGP chair, said: “It’s hard to imagine how much more complicated the NHS pension scheme could get, but it looks like someone’s found a way. Delaying the reduction in monthly payments so that they come into effect halfway through the financial year, whilst at the same time increasing the gap between each pension tier? You can’t make this stuff up.

“Whilst it’s welcome news that the average cost of each contribution will go down, and will be based on actual pay rather than an extrapolated amount, is very welcome, there will be some people worse off because of the increased gap between tiers.

“In the NHS pensions minefield, the mines will become less explosive, just more of them. We will be working very closely with our specialist medical expert partners Legal & Medical financial advisors and Honey Barrett accountants over the next six months to help prepare our members for these changes and where to get the best personal advice.”

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