Working out the true cost of your early retirement
Further to the article 'GPs may lose 25 per cent of pensions under Government plans' (January 6) it is not always realised that retiring early costs far more than the simple abatement.
For example if retiring early at 55, the abatement is 25 per cent of the pension so far earned, but the GP could have earned for a further five years (to 60). So one can calculate that by retiring at 55, he or she actually gets only 64 per cent of the pension that could have been achieved if they had worked to 60.
So there will be a mass exodus of GPs from the NHS in the 50-60 age group getting out before the Government will penalise them for not working to 65.
Dr Roger Gooding