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Age 58, 60, 63 or 65? When is the best age to draw NHS scheme benefits?
Uncertainty over future pay is helping to fuel GPs' interest in taking 24-hour retirement.
Doing this enables GPs to take their NHS pension and lump sum, and still have an income from their practice.
Since 2004, the advantages of 24-hour retirement have been enhanced. As a result it is sensible for GPs who are in their fifties to consider how 24-hour retirement works.
Put simply, 24-hour retirement allows a GP after reaching the age of 50 to retire from the NHS for a day, retire completely from the NHS Pension Scheme, take their pension benefits and return to NHS work as a GP.
There are a number of conditions. For example, you must resign as a principal and as a performer for 24 hours and then be readmitted. The primary care organisation (PCO) or your partners may take the opportunity to block your return.
Be advised: this is a real risk. …