12.9% pensions dynamising factor agreed
GPs' pensions will be uplifted by 12.9 per cent for 2003/04, the BMA has revealed.
The long-awaited 'dynamising' factor, based on average pay rises for the first year of the new contract, was last week signed off by ministers.
The move represents a temporary climbdown by the Department of Health, which had demanded an urgent review of pensions after claiming the rises triggered by the contract were unaffordable. The dynamising factor is higher than the interim figure of 8.8 per cent and is in line with predictions.
Dr Andrew Dearden, chair of the BMA's pensions committee, said the overall dynamising factor for the first three years of the contract would be well over 40 per cent.