Retire at 60 but pension contributions rise

The pensionable age for GPs will remain at 60 for those in the current scheme and will continue to be based on career average earnings, according to NHS Employer proposals.

However, contributions will increase for most GPs and the dynamising factor will be stabilised.

BMA pensions committee chairman Dr Andrew Dearden said it was 'fair, and morally correct, that those who benefit most from pension schemes pay the most for them'.

Contributions will rise from a standard 6 per cent to 6.5 per cent for earnings of £15,107-£60,880, 7.5 per cent up to £100,000 and 8.5 per cent above that.

Proposals from NHS Employers would also see the dynamising factor stabilised from 2008. It would be calculated using the retail price index plus 1.5 per cent.

For new entrants, the pensionable age will rise to 65 but allow full or partial retirement from age 60 with opportunities to save extra money to meet pension expectations.

Survivor pensions will be extended to include partners.

Proposals are for England and Wales and consultation ends 30 November.

Scotland and Northern Ireland are reviewing their schemes. Consultation documents are expected shortly.

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