NHS Pension contributions have changed – how much will you pay or receive?

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From April, NHS Pension members will see changes to the amount they and their employers contribute to their pension.

Following a series of consultations which began in 2022, contribution rates for members and employers are changing. For many doctors, this contribution change will be minimal.

The tiers of contributions have been decreased from seven to six different levels. In general, this means that higher earners are now contributing less into their pension. The highest contribution tier, for those earning £62,925 and above, has been lowered to 12.5 per cent from the current 13.5 and 14.5 per cent tiers.

At the same time, the employer contribution rate will increase to 23.7% of pensionable pay, up from the previous rate of 20.6%. NHS Pension Scheme employers will also be required to pay a scheme administration levy of 0.08% of pensionable pay, making the total contribution 23.78%.

If you are an existing client and have any queries regarding changes to the NHS Pension Scheme, please speak directly with your adviser who will be happy to help.

We can also arrange a call for new enquiries with one of our adviser team by calling 020 7252 5765 or emailing administration@medicalfamilyfinance.co.uk

Approver Quilter Financial Services Limited & Quilter Mortgage Planning Limited 24/04/2024

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