About: Guaranteed Minimum Pension

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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. With effect from 6 April 1997, Guaranteed Minimum Pensions no longer accrued and the system was replaced by the Reference Scheme Test.

Attributes	Values
rdf:type	company yago:WikicatPensionsInTheUnitedKingdom yago:Abstraction100002137 yago:Cost113275847 yago:Outgo113275288 yago:Payment113278375 yago:Pension113384164 yago:Possession100032613 yago:RegularPayment113281275 yago:Relation100031921 yago:TransferredProperty113252973
rdfs:label	Guaranteed Minimum Pension (en)
rdfs: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. The amount is said to be 'broadly equivalent' to the amount the member would have received had they not been contracted out. With effect from 6 April 1997, Guaranteed Minimum Pensions no longer accrued and the system was replaced by the Reference Scheme Test. (en)
dcterms:subject	Pensions in the United Kingdom
Wikipage page ID	11744356 (xsd:integer)
Wikipage revision ID	971106540 (xsd:integer)
Link from a Wikipage to another Wikipage	House of Commons of the United Kingdom Pension United Kingdom Consumer Price Index (United Kingdom) Pensions in the United Kingdom State Earnings-Related Pension Scheme The Pensions Advisory Service UK State Pension
Link from a Wikipage to an external page	https://corporate-adviser.com/govt-found-guilty-of-maladministration-over-gmp-state-pension-impact/ https://www.ftadviser.com/pensions/2019/11/26/dwp-not-open-about-contracting-out-impact/ https://www.thetimes.co.uk/article/despite-ombudsmans-ruling-thousands-of-pensioners-will-still-lose-out-5g80mt0xq https://web.archive.org/web/20100625002149/http:/www.pensionsadvisoryservice.org.uk/workplace-pension-schemes/final-salary-schemes/revaluation http://www.opsi.gov.uk/acts/acts1993/ukpga_19930048_en_1 http://www.opsi.gov.uk/si/si2009/draft/ukdsi_9780111474310_en_1
sameAs	Guaranteed Minimum Pension Guaranteed Minimum Pension Guaranteed Minimum Pension Guaranteed Minimum Pension
dbp:wikiPageUsesTemplate	dbt:More_citations_needed dbt:Reflist dbt:Use_dmy_dates
has 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. With effect from 6 April 1997, Guaranteed Minimum Pensions no longer accrued and the system was replaced by the Reference Scheme Test. (en)
gold:hypernym	Pension
prov:wasDerivedFrom	wikipedia-en:Guaranteed_Minimum_Pension?oldid=971106540&ns=0
page length (characters) of wiki page	9928 (xsd:nonNegativeInteger)
foaf:isPrimaryTopicOf	wikipedia-en:Guaranteed_Minimum_Pension
is Link from a Wikipage to another Wikipage of	Ros Altmann GMP Timeline of State Pension age in the United Kingdom British United Shoe Machinery Guaranteed minimum income State Earnings-Related Pension Scheme Minimum guaranteed pension Minimum guaranteed pensions
is Wikipage redirect of	Minimum guaranteed pension Minimum guaranteed pensions
is Wikipage disambiguates of	GMP
is foaf:primaryTopic of	wikipedia-en:Guaranteed_Minimum_Pension

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