How is a practitioner pension calculated in the 1995 section?
You will receive a pension based on your career earnings and a retirement lump sum. Your pension is based on 1.4% of your re-valued career earnings. This is achieved by recording your pensionable earnings for each year of membership in the Scheme and applying a revaluation factor. The revaluation factor used to re-value your earnings each year is 1.5% above the amount of the annual increase due under the Pensions Increase Acts. The resulting figure is known as your uprated earnings.
Your pension is calculated as follows: uprated earnings x 1.4%
Your retirement lump sum is normally three times the pension.
As an example, a GP retires at age 60, her earnings for each of the years as a practitioner are re-valued and added together giving an uprated earnings figure of £1,500,000. This total is multiplied by 1.4% to give her annual pension. Her retirement lump sum is three times that amount.
Her pension is: £1,500,000 x 1.4% = £21,000 per year and a retirement lump sum of £63,000
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