By: 30 March 2022
Cavendish Medical Column – New NHS pension contributions are to go ahead

Dr Benjamin Holdsworth on the revised rates you need to know

NHS doctors will pay revised pension contribution rates following the government consultation which ended in January – but the new rules have been delayed for six months until October 2022.

The changes are part of moving all members to the 2015 pension scheme from April 2022. The 2015 scheme is a career average revalued earnings (CARE) pension scheme unlike the former final-salary schemes of 1995 and 2008.

Contribution rates will now be based on pensionable pay rather than notional whole-time equivalent pay. Part-time members will therefore pay reduced pension contribution sums in the future.

There will now be six rather than seven contribution tiers and the full changes will be phased in over two years. In general, higher earners will be contributing less into their pension in future. For example, the highest contribution tier will be lowered to 12.5 per cent rather than the current 13.5 and 14.5 per cent.

Delaying until autumn will give more time to adjust to the new rates as well as the significant changes caused by moving everyone to the 2015 scheme. The official McCloud regulations are still not due to be published until October 2023 which could make ascertaining your true pension position even more complicated. Please do seek expert help in this matter.


Dr Benjamin Holdsworth is director of Cavendish Medical – specialist financial planners for medical professionals in the NHS or private practice. For a second opinion on your finances, please contact us on 020 7636 7006.

The content of this article is for information only and must not be considered as financial advice. Cavendish Medical always recommends that you seek independent financial advice before making any financial decisions.

Levels, bases of and reliefs from taxation may be subject to change and their value depends on the individual circumstances of the investor. The value of investments and the income from them can fluctuate and investors may get back less than the amount invested.