Skip to content

GPs 'face hike in pension payments'

Doctors could end up having to make much larger pension payments during their careers, as a result of the Government 's public sector retirement reforms, it has been claimed.

Research published by the British Medical Association (BMA) suggests that GPs could still end up getting poorer retirement deals in the future despite contribution rises.

The study, which takes into account the work of actuaries, shows that by next year, doctors who are currently putting aside contributions worth 8.5 per cent of their salaries might have to pay 10.9 per cent.

In light of this, it finds that before they retire, an additional sum of £230,000 may need to be saved by GPs who are currently 25 and hope to retire at 68.

As part of the research, Lord Hutton's proposals for public sector pension reform were taken into consideration, among other factors.

Copyright © Press Association 2011

Find Your Financial Consultant

Financial Consultant Form

More information about FCs

'WESLEYAN’ is a trading name of the Wesleyan Group of companies.

Wesleyan Assurance Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Advice about investments, insurance and mortgages is provided by Wesleyan Financial Services Ltd. which is authorised and regulated by the Financial Conduct Authority. Personal Loans and savings accounts are provided by Wesleyan Bank Ltd which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Wesleyan Bank Ltd subscribes to the Lending Code which is monitored and enforced by the Lending Standards Board. Wesleyan Unit Trust Managers Ltd. is authorised and regulated by the Financial Conduct Authority.

Click for more information about the Wesleyan group of companies.

© 2015 Wesleyan Assurance Society