Doctors caught up in payment delays to statutory pension increases.
Doctors due to receive inflationary increases on their NHS pensions may have been missing out, according to specialist financial planners Cavendish Medical.
Members in receipt of their NHS pension should see their pension increase every year in line with inflation.
But some doctors have not received the standard annual increase, which should be at the Consumer Price Index inflation rate – from the preceding September – because of administration issues with the NHS Business Services Authority that manages the pension scheme.
Patrick Convey, technical director at Cavendish Medical, explained: ‘We have seen more and more cases where the statutory inflationary increase has not been applied. We understand that there are even occurrences of payments being several years behind.
‘As we always advise, it can pay to have your own figures thoroughly checked by experts well versed in seeing these numbers.’
Individuals who have recently retired may also be missing an additional pension payment – referred to as ‘second bite’.
This is based on the inflationary increase due on your pension since your retirement and is paid in the April following your retirement date.
Mr Convey told Independent Practitioner Today: ‘With more pension flexibilities coming into force in October, and the McCloud remedy due to be implemented from the same month, it is extremely important that doctors are checking their positions carefully now to ensure all figures are current and correct.
‘Small errors can have substantial impacts, particularly where the figures might be used as the foundation of significant life decisions.’