Part 3: Contribution rates and employer costs This part of the guide explains the NHS Pension Scheme contribution rates for both members and employers. In October 2021, proposals were put forward for changes to contribution rates. Following consultation, the changes were implemented from 1 October 2022. The agreed changes are covered here. Employer contribution The…

Part 2: How is the pension calculated? The way in which pension benefits are calculated in the NHS Pension Scheme depends on which part(s) members belong to and whether they are ‘practitioner’ or ‘officer’ members. Practitioners GP partners, salaried GPs and locum GPs are all practitioner members of the scheme. Practitioner pensions are based on…

Association of Independent Specialist Medical Accountants nine-part tutorial for Practice Index – Introduction Does thinking about the NHS Pension Scheme give you that sinking feeling? Do you groan every time there’s an update to the rules and regulations? Even the most dedicated pension enthusiast can struggle with the complexities of the scheme. This nine-part tutorial will…

What is the most efficient way to pull together all the information that your accountant needs to prepare the year-end accounts? Do you take the ‘tidy as you go’ approach and record the information regularly through the year? With a busy surgery to run, the best intentions of keeping on top of the financial records…

In August 2020 specialist medical accountant James Gransby* wrote an article for Practice Index about the NHS Pension Scheme final pay controls and how to avoid them. A recent government announcement about the rules offers some great news for practice managers. Here James explains that although things have moved on since August, it’s still no…

Why are some GP practices more profitable than others while still maintaining high standards of patient care? Does high quality patient care always cost money? Not necessarily, is the answer from James Gransby, Abi Newbury and Andrew Burwood*, who are all medical accountants specialising in advising GP practices and their practice managers on financial matters.…

Following last week’s budget, there has been a lot of information surrounding what this personally means for GPs. However, here at Practice Index, we felt that PMs needed to have a greater insight into what this actually means for practices and how they can benefit from new words such as ‘superdeduction’ or phrases such as…