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Gps (Retirement Payments)

Volume 114: debated on Monday 6 April 1987

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asked the Secretary of State for Social Services if he will publish in the Official Report a table showing what payments a general practitioner in the National Health Service receives on retirement, assuming that his length of service was 30 and 40 years, respectively, and that he earned average general practitioner's earnings.

[pursuant to his reply, 17 March 1987, c. 480–81]: The superannuation benefits of general medical practitioners are assessed as a proportion of total superannuable earnings throughout their careers. The earnings for each financial year are uprated by percentages reflecting the pay increases agreed following the recommendations of the Review Body on Doctors' and Dentists' Remuneration over the years of the practitioner's service. This "dynamising" process converts the practitioner's career remuneration to a monetary value equivalent to remuneration levels current at the end of his or her service. The retirement benefits payable are a pension, assessed as 1·4 per cent. of the practitioner's dynamised career earnings, and a tax free lump sum of up to three times the pension.The following table shows the retirement benefits of a married male practitioner based upon the intended average net income recommended by the review body each year since 1971–72, and equivalent figures back to 1948. Since no practitioner has yet served 40 years in the National Health Service scheme, a maximum of 39 years has been used. Column A shows the benefits which would accrue to a practitioner who opted to purchase credit for his service prior to 24 March 1972. Colum B represents a practitioner who did not so opt.

With 30 years' service £With 39 years' service £With 30 years' service £With 39 years' service £
Annual pension10,34313,45310,34313,453
Lump sum retiring allowance31,02940,35920,67723,787