My concern is the proposed capping of dynamisation factor to 1 for the years 2006-7 and 2007-2008.
My accountant tells me that profits have risen slightly during that period.
My contributions also rose during that time in line with profits and I paid those contributions with a reasonable expectation that the Government would honour their part of the contract ie increase pension in line with increased profits.
Although most GPs benefit from the overall settlement \(self included) and will if continuing in general practice will benefit from indexing in the future it leaves a small group of GPs with a relatively large loss of pension, no indexing since 2006 and dynamising factor of 1 only. This is in effect giving GPs a 2008 pension at 2006 levels..ie 2006 pension -minus inflation! \(having paid contributions at 2007/2008 levels)