How is a practitioner pension calculated in the 2008 section?
You will receive a pension based on your career earnings. Your pension is based on 1.87% 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 is 1.5% above the amount of the annual increase due under the Pensions Increase Acts. The resulting figure is known as uprated earnings.
Your pension is calculated as follows: uprated earnings x 1.87%
For example, a GP retires at age 65, her earnings for each of the years as a prctitioner are re-valued and added together giving an uprated earnings figure of £1,500,000. This is multiplied by 1.87% to give her annual pension.
Her pension is: £1,500,000 x 1.87%= £28,050 per year.
Description: |
2008 practitioner calculation, |
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