GPs who opted out of the NHS pension between 2015 and 2022 can now buy back missed service, Pulse reports.
However they will need to calculate carefully to check whether contributions will make a difference to their pension pot or not.
GPs can calculate and buy back service on the NHS Business Services Authority website.
GPs have struggled to cope with NHS pensions in the wake of the McCloud remedy. Last year the Association of Independent Specialist Medical Accountants warned that up to 50% of remedial pension savings statements were incorrect and alongside the union, called for GPs to be given an extension in light of the fact. In 2023, it emerged that GPs may be eligible for compensation under the Pension Scheme Regulations.
Dr Richard Fieldhouse, NASGP chair, said: “The opportunity for GPs to buy back missed pension service, following the struggles resulting from the McCloud Remedy, is welcome news, but determining the true benefit requires careful, complex calculation. It is entirely understandable that GPs feel overwhelmed, coping with chronic administrative issues and the vagaries of PCSE, which has been condemned as ‘not fit for purpose’.
“NASGP is here to help members manage the necessary administrative paperwork around invoicing and locum pension forms, including addressing issues like the lack of process for automatically updating Total Rewards Statements for locums.
“However, for assessing the precise financial calculations and making more personal decisions about buying back service, specialist support is available from partners such as Honey Barrett and Legal & Medical. Their expertise is valuable in navigating the complexities of the NHS pension scheme.”