GPs unaware of pension options

Nearly half of GPs are unaware of their right to switch pension scheme, according to a survey.

GPs should seek advice on pension choices
GPs should seek advice on pension choices

A poll of 176 GPs by financial advisors Wesleyan found that 45 per cent were unaware of the NHS pension choice exercise, which allows doctors in the 1995 plan to transfer their pensions to the 2008 scheme. The study also reveals widespread concern over NHS pension provision, with 96 per cent of GPs expecting cuts to NHS pension provision in the future.

The BMA has recently vowed to oppose Lord Hutton's proposals for the reform of public sector pensions.

Lord Hutton called for an end to final-salary pensions and higher employee contributions.

A spokesman for Wesleyan said GPs should use the pension choice exercise as a chance to review their retirement plans.

Dr John Canning, chairman of the BMA's professional fees committee and a Wesleyan advisor, said: 'The NHS pensions scheme is an extremely good one but as with any pension scheme it may not provide everyone with the level of retirement they want.'

Although GPs are busy, it is 'extremely important' they seek advice on the best options available through the NHS choice pack, he said.

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