Retirement

Summary for GPs in Lancashire & Cumbria

GPs need to distinguish between retirement (leaving the profession altogether) and taking their pension benefits but carrying on working (24 hour retirement). Sometimes the former will come after the latter!

Clearly leaving altogether is a decision not taken lightly. LMC are happy to talk to GPs considering retirement as to the effect it might have on the partnership but we are not able to give financial advice. In the case of a single handed GP who wishes to retire the situation is more complex. Retiring GPs also need to give some thought as to whether they wish to remain on the Performers’ List, ie becoming a locum.

24 hour retirement is slightly more complex in that it involves amendments to the contract and there are very specific rules to follow. LMC is happy to help facilitating this.

We would always recommend that GPs obtain quotes from the Pensions Agency at an early stage and also that accountancy advice is sought for investment and tax purposes. This can be either from the practices retained accountants or a specialist firm (who will probably charge a fee too for their services).

The BMA website has a specific area on retirement and is a valuable source of advice.

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