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MedEconomics: Picking the age to take your pension.
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.
Contract risks
Be advised: this is a real risk. …
