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.

Have you registered with us yet?

Register now to enjoy more articles and free email bulletins

Register

Already registered?

Sign in

Follow Us:

Just published

GPs demand fast-track for PCN mental health recruitment as cases surge

GPs demand fast-track for PCN mental health recruitment as cases surge

Primary care networks (PCNs) must not be forced to wait until 2021 to recruit mental...

Free resources on MIMS Learning keep GPs updated on COVID-19

Free resources on MIMS Learning keep GPs updated on COVID-19

MIMS Learning has a range of free resources for healthcare professionals helping...

Locum GP exodus to salaried roles as COVID-19 pandemic hits income

Locum GP exodus to salaried roles as COVID-19 pandemic hits income

As many as 1,000 GPs may have quit locum work to take up salaried positions since...

Flexibility over PCN recruitment cash extended in bid to boost staff this year

Flexibility over PCN recruitment cash extended in bid to boost staff this year

NHS chiefs have added 'nurse associates' to the list of roles PCNs can hire this...

Fellowship scheme offers £10,000 a year to support every new GP

Fellowship scheme offers £10,000 a year to support every new GP

A two-year GP fellowship scheme promised in the 2020/21 GP contract deal will offer...

NHS chiefs warned not to underestimate pressure on GPs as figures show sharp rise in workload

NHS chiefs warned not to underestimate pressure on GPs as figures show sharp rise in workload

GP workload has surged sharply in recent months, official data show, underscoring...