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The waiting game

GP practices can offer £20k partnership incentives to pharmacists and practice managers

GP practices can offer practice managers and pharmacists £20,000 to partner up with them under the new GP contract.

The updated contract, announced last week (6 February), offers first-time partners a £20,000 one-off payment, plus an additional £3,000 for business training under the New to Partnership Payment.

As well as GPs, the offer is also open to pharmacists and other practice staff, such as nurses and practice managers, that are offered a partnership within a practice.

The payment is ‘initially a loan’ but is expected to change to permanent payment after the new partner remains in post for a minimum number of years, although the length of time has not yet been specified.

The payment represents part of a £94m cash injection to address recruitment and retention issues in general practice.

Full details of the scheme will be published after ‘ongoing engagement’ with the general practice sector, according to the contract.

The contract added: ‘The scheme is expected to evolve in the light of experience. Its initial phase is likely to run for two or three years.’

Versions of this story first featured on Pulse sister titles the Pharmacist and Management in Practice.

Readers' comments (3)

  • £20K over 5 years spread between atleast 3 people is a joke.

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  • they have to be employed for 5 years, the new contract is only for another 3. I think there is a bit of flaw there.

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  • Prashant - I don't see how it is spread between 3 people - have I missed something?

    I personally think it will make a difference. For our practice the capital account per partner is about 20k. That is pretty difficult to find in year one, considering you haver to pay it out of income after tax. It is also a bit too small to take a loan out - unlike those who own their own building, buy in for 200k and pay it down over 20 years.

    This 20k would have given me, enough money in year 1 to buy in to the practice.
    And if it is made permanent over 5 years, the tax burden will only be about 2k per year - which is much more manageable than losing 30k of your profits from year one. (20k buy in and 10k tax).

    You are not going to be going straight to the car dealership to pick up your Ferrari - but it makes joining.a partnership considerably easier than before.

    People like to moan but it is certainly a step forward.

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