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GP retirement: returning to work with a pension

With access to their pension, some GPs will be off on a long holiday, filling the calendar with long lunches and days on the golf course or just looking forward to not setting the alarm clock. Others may prefer to carry on working in some capacity, making a more gradual transition from GP to pensioner.

There are several things to consider:

1. Your pension: find out what’s in your pot.

2. Consider the balance between a lump sum and pension income. A higher practice income plus your pension may put you in a super tax bracket.

3. Keep your partners in the loop and check they want you to continue working, even if on shorter hours. To be assured of your pension you must retire from the NHS for 24 hours and not do more than 16 hours’ NHS work a week for a month afterwards.

4. Agree everything in writing, signed and dated.

5. Work with your partners and accountant to organise the dissolution of partnership accounts, premises reimbursements and equity in the practice.

6. Agree your intentions with the PCO, obtain its agreement in writing and check the notice period in your NHS contract.

7. If you’re a single handed GP, on your resignation, the responsibility for the practice and patient services falls to the PCO. If you wish to return on a different contract this is at the discretion of the PCO. It may be better to appoint a partner who is also a signatory to the practice’s NHS contract but the pros and cons of this need to be discussed in detail with your accountant.

For more information on Rawlinsons’ specialist Healthcare services:
Please contact: Ken Craig on 01733 568321 or ken.craig@rawlinsons.co.uk