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Q: I will be taking my NHS pension at age 60. My partners know I will be working no more than 16 hours per week for a month, and then returning to my usual hours. Is it right that around 20 per cent of my income will no longer go to the NHS Pension Scheme (NHSPS), and therefore my drawings could rise by the same amount? I think it is reasonable within a normal partnership agreement for this money to be allocated to my drawings so that I could put them into a different pension arrangement for the next few years.

A: Under the 2004 GMS contract, practices' income was increased to include funding towards paying the cost of the partners' employer's superannuation. This increase is reflected in global sum, QOF and enhanced services income.

When you take 24-hour retirement, your practice's funding will not change and you will go on receiving your share of profits. However, as you will no longer be paying NHS superannuation, you can draw out your full profit share, while the other partners can only draw their profits less NHS superannuation contributions

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