HPSS Superannuation Scheme
Independent Financial Advice
Neither HPSS employers nor HPSS Superannuation Branch can give Scheme members financial advice. Self-employed members of the Scheme, in particular, may have special issues to consider. For example;
- GPs are the only self-employed people in the United Kingdom who have access to an occupational pension scheme. Under a special Inland Revenue concession - the A9 concession - you are able to claim tax relief on your HPSS Superannuation Scheme contributions. You may also, if you wish, forgo the tax relief on your HPSS Superannuation contributions and pay contributions on the HPSS income, plus any private income, to a personal pension or stakeholder pension and claim the tax relief on those contributions instead. The same arrangements normally apply to GP locums. Any doctor forgoing tax relief on their HPSS contributions should seek independent financial advice.
- As a freelance GP locum or a qualified GP, performing GP locum work you may want to take independent financial advice if you wish to increase your HPSS benefits by buying added years or paying into an AVC or FSAVC contract. You may also take out a Personal Pension (PP), a Stakeholder Pension or adopt alternative forms of investment.
The following limits apply for contributions to Personal Pensions/Stakeholder Pensions.
This is the percentage of income that can be invested.
This is the percentage of income that can be invested.
| Age | % of income | |
|---|---|---|
35 or less | 17.5 | |
36 - 45 | 20.0 | |
46 - 50 | 25.0 | |
51 - 55 | 30.0 | |
56 - 60 | 35.0 | |
61 and over | 40.0 |
GP locums already contributing to a personal/private pension cannot pay contributions to the HPSS Superannuation Scheme on the same income. Locums may however be able to use separate private income to fund or continue to fund a personal/private pension.
If you want to complete forms for membership of the Scheme and are unsure, about any of these matters, you are strongly recommended to seek independent financial advice. BMA members may obtain independent financial advice from BMA Services on 0845 974 737.
If you require an estimate of the cost of increasing Scheme benefits or the value of transferring previous pension rights to the Scheme, contact Central Services Agency (CSA).
