CPI modeller for GP pension scheme

The recent soaring rate of inflation will have significant tax implications for some GP's pensions. Use our CPI modeller to see how it may impact you.

Tax illustration

The impact of CPI on your pension scheme

The recent soaring rate of inflation could have serious tax implications for many GP's pensions due to the way annual allowance is calculated. The annual allowance is designed to measure the growth of your pension above inflation, but this is simply not the case.

Use our CPI modeller to see how it may impact you.


How to use the modeller

Before using this tool, make sure you have a copy of:

  • a recent Total Reward Statement (TRS) / Annual Benefit Statement
  • without a recent statement, you could estimate your pension based on your most recent statement and any further dynamisation and pension contributions.

This tool is suitable for:

  • GPs in England, Scotland, Wales and Northern Ireland
  • GPs who have any 1995 pension
  • those who have actively contributed (or will do so) to the NHS pension scheme during the 22/23 or 23/24 years

The modeller is not suitable for:

  • consultants
  • other employed staff who have a 1995 / 2008 final salary pension (instead, visit www.modelyourpension.com)
  • GPs who have a 2008 pension

This tool is best viewed on a desktop or tablet device.


CPI modeller for GPs


What you can do

  • Prepare financially for a large annual allowance tax charge, if the rules are not urgently changed.
  • Unfortunately some will consider reducing pensionable pay or retiring earlier than they would have done to reduce pension input during this period.


BMA disclaimer

The BMA is providing this tool to members to use as a guide only and makes no representations or warranties of any kind with respect to this tool or its contents and disclaims all such representations and warranties. In addition, the BMA makes no representations or warranties about the accuracy, completeness, or suitability for any purpose of the information and related materials, including graphics, related to this tool.

The information contained in the tool may contain technical inaccuracies or typographical errors. All liability of the BMA howsoever arising from any such inaccuracies or errors is expressly excluded to the fullest extent permitted by law.

The information provided in this tool does not constitute or to be interpreted as regulated financial advice and should not be construed as financial or legal advice regarding the conversion or transfer of pension benefits held in an NHS Pension. Any reliance you may place on this tool is at your own risk and it is not a substitute for the advice of an independent legal advisor or independent financial advisor and should not be relied on for any purposes.

The use of this tool is not intended to be a replacement or substitute for professional independent financial or independent legal advice.

Neither the BMA nor any of its directors, employees or other representatives will be liable for loss or damage arising out of or in connection with the use of this tool. This is a comprehensive limitation of liability that applies to all damages of any kind, including (without limitation) compensatory, direct, indirect or consequential damages, loss of data, income or profit, loss of or damage to property and claims of third parties.

Notwithstanding the foregoing, none of the exclusions and limitations in the clause are intended to limit any rights you may have as a consumer under local or other statutory rights which may not be excluded nor in any way to exclude or limit BMA’s liability to you for death or personal injury resulting from our negligence or that of our employees or agents.

Please note that the BMA pensions department will not be able to assist you or provide any advice or information regarding this tool. Please note that the BMA pensions department cannot assist members with the input of data into this tool nor provide any advice or comment on this tool, including its technical aspects. The inputs required for you to use this – tool can be obtained from your Total Reward Statement (TRS) /Annual Benefit Statements and payslips.

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