Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what recent assessment he has made of the impact of inflation on the NHS pension scheme.

The Social Security Pensions Act 1975, read with the Pensions (Increase) Act 1971, requires HMT to lay a yearly Order specifying the rates at which Public Service Pensions in payment, deferred pensions, and deferred lump sums will be uprated. The Public Service Pensions Act 2013 requires HMT to lay an Order each year specifying the rates at which the pension benefits accrued by active members of the public service career average schemes must be revalued. HM Treasury will make and lay the required Order before the end of the 2022/23 financial year.

The impact of inflation on the NHS pension schemes is taken into account in the actuarial valuations of the scheme under Section 11 of the Public Service Pensions Act 2013. All public service pension schemes, including the NHS pension scheme in England and Wales, are currently undertaking valuations and the results will be published later this year.