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Pensions

NHS pensions for GPs and other NHS staff are different and complex.

We would recommend you consult the NHS Pensions Agency for up to date and informative advice on your pension. 

The NHS pension is currently subject to changes that are expected to be introduced in April 2015, and the Pension Agency has produced FAQs on the proposed changes. There is also an article explaining the protection arrangements proposed for certain categories of staff.

The BMA has produced a website Pension Tension that is a guide to how GP pensions may be affected, and there is also a BMA website on the changes and what the BMA is doing to support doctors.

Partners owning premises and Retirement

A number of GPs own their premises, and it is often wise, therefore, to include in the partnership agreement that; 'when a partner retires or leaves a partnership they are obliged to sell their share to the partnership/incoming partners.'

The GPC guidance The future of GP practice premises  states that 'if a partner wishes to retire but wants to remain the owner of the property, they would have to stay on as a ‘sleeping partner’.

According to the Premises Directions, to be able to continue receiving notional rent, you have to be a contractor.  Otherwise the only option is to stop receiving rent reimbursement from the PCO, become a landlord and rent out the property to the remaining partners who would have to apply for lease reimbursements'.  (p21 in linked document)

 

For most individual pension queries, though we may be able to help with advice in some instances, we would generally suggest you seek expert, independent financial advice from an adviser familiar with GP finance.  However here are some links to information that might help you with some of the more frequently asked questions.

Contact Details for Pensions

Working After Retirement

NHS Pension Scheme: Working After Retirement Factsheet

GPC UK on Annualisation within the 2015 NHS pension Scheme

https://www.bma.org.uk/advice/employment/pensions/annualising-of-2015-scheme-contributions

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Updated on 01 March 2018 2922 views