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What are the pros and cons of switching from PMS to GMS?

With a number of PMS practice contracts coming up for renewal and increasingly assertive PCTs trying to drive down costs by either cutting PMS budgets or encouraging such practices to opt for GMS, what are the advantages and disadvantages of switching from PMS to GMS? In particular we would like advice on the more esoteric parts of each system such as for example, seniority payments, appraisal payments, MPIG etc. What are the legal and administrative implications for a practice that refuses to negotiate?

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