Pensions
The NHS Pension Scheme is a defined benefit public service pension scheme, which operates on a pay-as-you-go basis. A new reformed scheme was introduced on 1 April 2015 that calculates pension benefits based on career average earnings. https://www.gov.uk/government/collections/nhs-pensions. In Northern Ireland, the scheme is administered by HSC and you can find a range of factsheets at this link https://hscpensions.hscni.net/quick-links/factsheets/The factsheets are broken down into the main pension event categories.
Many GPs are concerned about their pension. There is a lot of information to consider and it is wise to seek independent advice from someone qualified in this area.
Any doctor can check their HSC pension information on this website HSC Member self service area
The BMA provides general pension advice to its members. This includes information on tax, annual allowance, the McCloud judgement and an introduction to the NHS pension scheme
https://www.bma.org.uk/pay-and-contracts/pensions
The Cameron Fund also provide some excellent money management tips on their website
Sessional GP Pensions
If you are a new sessional, you can find useful guidance notes and documents on this webpage http://www.hscpensions.hscni.net/hscpensions/practitioners/locum/
The NHS Pensions Branch provide regular newsletters at this link GP newsletters
As a sessional doctor, it is important to keep accurate accounts for tax purposes. An accountant familiar with GP work will be able to guide you through your tax return.
The HSC Pension Service co-ordinate your Pension contributions. These payments are made via direct debit. They send a helpful monthly email to all GP Locums. This gives you details of the Direct Debit lift in relation to your HSC Pension Scheme deductions and will also contain any important new information. You can sign- up/unsubscribe to this mailing list at gplocums@hscni.net.
Following a consultation carried out by The Department of Health (DoH) which sought views on changes to member contributions, a new tiered member contribution structure has been implemented from 01 November 2022. More information can be found here October 2022 factsheet
You must ensure that any work carried out for practices is submitted within 10 weeks of the first date worked.
If you are entering a GP partnership, then the practice should have an accountant to guide you through the process.