If you were due to receive an inflationary increase on your NHS pension, you may have been missing out.

Members in receipt of their NHS pension should see their pension increase every year in line with inflation. However, some doctors have not received the standard annual increase which should be at the CPI rate of inflation (from the preceding September) because of administration issues with the NHS Business Services Authority that manages the pension scheme.

We have seen many cases where the statutory inflationary increase has not been applied and 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.

If you have recently retired you 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.

With more pension flexibilities on offer, and the McCloud remedy finally implemented, it is extremely important to be checking your position 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.

For personalised help and support, call our financial planners on 020 7636 7006.