[DAYS_LEFT] days left of your Medeconomics free trial

Subscribe now

Your free trial has expired

Subscribe now to access Medeconomics

NHS Superannuation

Q: We are a PMS practice and I have just taken 24-hour retirement. Our accountants say the payment to a 'retired partner' of the funding for their 14 per cent employer's NHS superannuation, which would previously have been paid by the practice to the NHS Pension needs the consent of the other partners and is not a given. Does this apply to both PMS and GMS practices?

A: What happens to the superannuation funding for a partner getting their NHS pension is a matter for agreement by the partnership.

I would recommend that a clause be inserted into your partnership deed if this is issue is not already covered by it.

The superannuation payment in your baseline is practice income. As a partnership, it is for you to decide how to apportion profit shares. I know of practices where this issue has gone to independent arbitration, but I do not believe that there is any hard and fast rule.

I do not know of any difference for PMS practices as opposed to GMS.

Do you have a financial question? Ask our experts

Have you registered with us yet?

Register now to enjoy more articles
and free email bulletins.

Sign up now
Already registered?
Sign in

Would you like to post a comment?

Please Sign in or register.