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• Guaranteed_Minimum_Pension abstract "The Guaranteed Minimum Pension (GMP) is the minimum pension which a United Kingdom occupational pension scheme has to provide for those employees who were contracted out of the State Earnings-Related Pension Scheme (SERPS) between 6 April 1978 and 5 April 1997. The amount is said to be 'broadly equivalent' to the amount the member would have received had they not been contracted out.Originally, when the GMP became payable at State Pension Age, the cost-of-living increases associated with this element of a member's pension were paid by the state with the individual's state pension. With regard to any GMP accrued from 6 April 1988, the occupational pension scheme is required to pay increases in line with the Consumer Price Index up to a maximum of 3%. The change in rules led to a distinction between Pre 1988 GMP and Post 1988 GMP.The system therefore became increasingly complex and can be illustrated with an example. Mr Jones was a member of his occupational pension scheme between 1980 and 1995 and was entitled to a pension of £500 per month on his retirement. Because he was contracted out of SERPS, the government advised that he was entitled to a GMP of £110 per month, including £50 post 1988 GMP. The non-GMP element of his pension—in this case £390 per month—is usually known as the 'excess' and his payment advice would give a breakdown as follows:The complexity arises because different increases are applied to the various elements of the pension. Supposing the scheme rules allow for annual increases of 3% and the Retail Prices Index increases by 4.5%. The scheme would pay an additional £11.70 in respect of the excess pension (3% of £390), but nothing on the pre 1988 GMP. They would be liable to pay 3% of the post 1988 GMP - in this case £1.50 per month. The individual is, however, entitled to an increase of 4.5% on his total Guaranteed Minimum Pension, which amounts to £4.95 (4.5% of £110). Therefore, an additional amount of £3.45 would be paid by his employer, in addition to his State Pension (£4.95 less £1.50).With effect from 6 April 1997, Guaranteed Minimum Pensions no longer accrued and the system was replaced by the Reference Scheme Test. However, schemes were still liable to pay GMP for those members who had accrued it between 1978 and 1997.Additionally some contracted out schemes whose pensions may have been based only on basic pay may have a GMP for 1978-1997 that is actually higher than the company pension for that period. In this case the company must pay the higher of company pension or GMP for 1978-97 PLUS any scheme pension accumulated after that date.According to Steve Webb (The Minister of State, Department of Work and Pensions) said in a statement to Parliament on 6 January 2014 that GMP increases are not paid by the Department of Work and Pensions (See They Work For You). Because of this denial the subject of GMP increases has not been discussed in Parliament. Every pension scheme booklet for final salary schemes that are contracted out mention that the State is responsible for paying all or part of a persons GMP increases as do many government web sites including their booklet a guide to state pensions (NP46) dated April 2004 pages 51 and 52.See the three articles. Losers who never knew, What is a GMP by Barnett Waddingham paragraph "Ending of defined benefit (DB) contracting out" and DWP's Orwellian pension move is rather sinister about loss of GMP increases for people reaching state pension age under the new single-tier pension on and after 6 April 2016.The change to GMP increases under single-tier pension is being introduced by stealth and the DWP has not mentioned it in any documentation about single-tier pension (e.g. Impact assessment for individuals). Potential loss of GMP increases for a woman can be up to about £23,000 and man £17,000".
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• Guaranteed_Minimum_Pension comment "The Guaranteed Minimum Pension (GMP) is the minimum pension which a United Kingdom occupational pension scheme has to provide for those employees who were contracted out of the State Earnings-Related Pension Scheme (SERPS) between 6 April 1978 and 5 April 1997.".
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