Finances and pension

As you consider your next steps, it's important to understand the financial responsibilities that come with your chosen path. Whether you're entering a partnership, working as a locum, or taking on a salaried GP role, here are some key financial insights every new GP should be aware of.

• Tax & National Insurance – Locum and partner GPs must handle their own taxes. Consider an accountant.
• Pension – Important to familiarise yourself with the NHS Pension, as how it is administered, will differ depending on your type of GP role. For more info visit the Wesleyan website.
• Indemnity Insurance
  NHS bodies and organisations are financially responsible for the clinical negligence of their employees. All NHS Trusts/ Health Boards in England, Scotland and Wales are members of the state-backed NHS medical schemes.
• In England, indemnity is provided through the Clinical Negligence Scheme for Trusts (CNST), which is administered by the NHS Resolution.
• In Wales, indemnity is provided through the Clinical Negligence Scheme for Trusts and Health Board by Welsh Risk Pool Services.
• In Scotland, indemnity is provided by the Clinical Negligence and Other Risks Indemnity Scheme (CNORIS). NHS National Services Scotland is the Scheme Manager, with the Central Legal Office providing legal advice and guidance to Health Boards.
• In Northern Ireland, each health and social care trust provides its own indemnity, funded by the Department of Health, Social Security and Public Safety.

The schemes do not cover non-NHS work, such as private practice and chargeable services such as medicals, reports and statements will not be covered by the scheme. GMC hearings and criminal cases will not be covered by the scheme. You will need to remain a member of a medical defence organisation for these areas.