Get GP-Locum-B-2014-15-PDF - The HSC Pension

Typically, doctors on a six-figure salary can expect to receive a pension income of about £50,000 a year at the age of 60. This is based on their years of service and salary and is paid on top of a cash lump sum of just under £150,000. GPs can take their pensions before 60 at a reduced rate.

How is my pension calculated? If you are a GP then your pension benefits are based on your total career dynamised income. Each year a record of your pensionable income is sent to the NHS Pensions Agency and the total of this pensionable income at retirement is the basis for the calculation of your pension.

You will receive a pension based on your reckonable pay. Your Reckonable pay is the average of the best three consecutive years pensionable pay in the last ten. Your pension is 1/60th of your reckonable pay for each year or part year of pensionable membership in the Scheme.

Employers do not need to pay pension contributions to locums who: are not part of the NHS pension scheme (a locum may only treat income earned from certain contracts as pensionable pay)

Salary As a locum, you can earn over 140,000 per annum working full-time. This is based on working an average of 8 sessions per week and doing four red eye's per month in out of hours.

How is my pension calculated? If you are a GP then your pension benefits are based on your total career dynamised income. Each year a record of your pensionable income is sent to the NHS Pensions Agency and the total of this pensionable income at retirement is the basis for the calculation of your pension.

A locum GP is defined as one who temporarily takes the place of another GP. Locums are usually self-employed and are sometimes also referred to as freelance GPs. A self-employed locum GP has a contract for services rather than a 'contract of service', which would be the case for a salaried GP.

You are able to pension locum earnings via forms A and B so long as it is not in respect of locum work undertaken in your own practice. Locuming at your own practice is pensionable in the same way as your main practitioner earnings and such income should be detailed on your end of year certificate.

A Type 2 medical practitioner is: A salaried GP formally employed by a GP practice, Alternative Provider Medical Services (AMPS) contractor or by a Local Health Board. ... A practice based salaried GP who works for a CCG under a contract for services (i.e. on a self-employed basis).

Basic pay is the most common method of calculation for defined contribution pensions. In this method, pensionable earnings = the employee's basic salary before any bonuses, overtime or commission.