Another excellent article from Dr Solicitors this time the new option of partial retirement.
Partial retirement is already available to members with 2008 Section and 2015 Scheme benefits but now it also applies to members with 1995 Section benefits. Many people looking to retire now will be members of the 1995 Section, so this is of particular relevance to them.
NHS Pensions say that members aged 55 and over can choose to take part or all of their pension benefits in monthly amounts whilst continuing in NHS employment, without having to leave the NHS for 24 hours. Instead, you need to reduce your pensionable pay by 10%.
For GP Partners and single handers, that is interpreted as reducing hours by 10%. For a GP working 10 sessions a week, this means they will need to drop a session. The reduced hours must continue for at least 12 months. Salaried GPs will need to take a 10% cut in pensionable pay for a similar term.
Read the full article here:
Partial Retirement vs 24 Hour Retirement – Keeping Your Options Open
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