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Understanding GP Training Finances and Pay
As a GP Trainee, I used to hide my head in the sand when it came to GP finances. I was not sure what my payslip meant and was definitely not financially savvy. However, the aim of this blog is to share some nuggets that I wish someone told me when I was trainee. Please note I am not a financial expert and I would always advise you to seek advice from a financial advisor. Covered in this blog:
- What is my basic pay as a GP trainee?
- How is my hospital post pay worked out?
- What is the GP premium?
- What costs can I claim tax rebate for as a GP trainee?
- Things to think about relating to finance as a trainee
Other blogs that may help as a GP trainee:
- The MRCGP AKT Exam: What it is and how to prepare
- Suggested PDPs for GP Training Rotations
- How to use Reflection in your Portfolio Entries
- New GP Trainee Rotation: 5 things you must consider
What is my Basic pay as a GP trainee?
Under the new Junior Doctor Contract (2016), trainees are paid according to their experience – this is known as nodal points. It is important as a trainee that you understand these points to ensure you are being rewarded correctly based on your experience i.e. the right nodal point.
Based on the new contract if you have had no other experience and have entered GP training, after completing your foundation programme training your basic pay will be calculated as below:
|Grade of training||Basic Pay|
Pay for your hospital posts as a GP trainee
Payment for your hospital posts as a GP trainee is calculated differently to your pay as a GP trainee in a GP placement.
For your hospital posts your pay would be calculated based on:
- basic pay nodal point – as mentioned above minimum £38,693
- how many extra hours you do above the standard 40 hour contract (additional rostered hours)
- weekend allowance
- night duty
- non-resident on call allowance
- cash floor protection (eligible if you transitioned to the new Junior doctor contract 2016)
More information can be found here https://www.bma.org.uk/pay-and-contracts/pay/payslips/understanding-your-payslip-junior-doctors-on-the-2016-contract.
If you are a BMA member I would urge you to contact the BMA to check your payslip.
GP trainees are eligible for a ‘GP premium’ on top of their basic pay during their GP placements. The GP premium is £8789 per annum pro rata.
For many GP trainees in England you are placed in a GP practice for 18 months, with 6 months usually being in your ST2 year and 12 months in your ST3 year.
In essence this means in your ST3 year, when you spend the whole year in General Practice placement you will receive an additional £8789 on top of your basic pay which is £49,036. However, in your ST2 year where you may only spend 6 months you will receive £4394.50 (half of £8789) on top of you £38,693 basic pay.
Many trainees are unaware of the costs they can claim back as tax rebate during their trainee years. As a GP trainee we pay various professional fees and exam fees, most of which are eligible for tax rebate. Below are some of the most common fees we can claim tax rebate for:
- GMC fees
- BMA fees
- Royal College fees
- MRCGP Examination fees (possibly other examination fees too)
- Indemnity fees e.g. MPS, MDU, MDDUS etc
Most of these organisations allow you to download the relevant documents when you login to your accounts.
There is more information available in this free guide produced by our Partners Medics Money https://www.medicsmoney.co.uk/free-guide/. However, if you unsure our advice would always be to seek advice from your accountant or a financial expert.
Finally, as I mentioned at the beginning, I am not a financial expert, but have sought financial expert advice since qualifying as a GP. Life can be unpredictable, certainly amidst a pandemic and it is important to ensure we remain financially secure.
I would therefore urge you all to consider thinking about issues such as income protection, critical illness cover etc early on to ensure you and your loved ones are financially protected when needed.
I would recommend visiting our partner’s Medics Money site https://www.medicsmoney.co.uk for more information where they have lots of useful free resources and contacts of financial experts for medics.
GP Training Support
To help pass MRCGP AKT click here: https://aroramedicaleducation.co.uk/mrcgp-akt-new/
To help pass MRCGP RCA click here: https://aroramedicaleducation.co.uk/mrcgp-rca/
To help boost your MSRA score click here: https://aroramedicaleducation.co.uk/msra/
Dr Pooja Arora
Dr Pooja Arora is a portfolio GP based in Birmingham. She has held local and national roles in her Medico-Political background fighting for GP trainee and GP rights. Her roles have included:
– Vice Chair Birmingham LMC
– BMA council member
– BMA General Practitioners Committee elected representative
– BMA Sessional GP committee elected representative
– BMA National Deputy Policy lead working at scale
– HEE GP ambassador
– HEE GP stage 3 assessor
– RCGP Midland Faculty AiT representative
* Blogs written by Dr Aman and Dr Pooja Arora are not for professional, financial or medical advice. Please seek appropriate professional, legal or financial advice where appropriate *
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If you are preparing for MSRA – either for GP or Speciality Entry – this blog is for you! For our MSRA Gold Pass Package, Audiobook Courses, Online Courses, Mock Exams and Clinical Flash Cards click here: MSRA Resources To watch back our latest free MSRA ‘2-week hit’ Webinar (from 19th January 2021) click here. …
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