GMP
This is the minimum pension the Fund must provide you with once you reach GMP payment age, which is 60 for women and 65 for men.
The Fund was contracted-out of the old additional earnings component of the State Pension Scheme, which used to be known as the State Earnings Related Pension Scheme (SERPS) and later became known as the State Second Pension (S2P). This part of the old State Pension Scheme was payable in addition to the Basic State Pension.
If you were an employee member of the Fund between 6th April 1978 and 5th April 1997 you would have been contracted-out of SERPS and as a result the Fund must provide you with a GMP. Your GMP will be roughly equal to the additional State pension you would have built up had you not joined the Fund. If you joined the Fund after 5th April 1997 you may also have a GMP if you transferred-in a pension from another scheme which included a GMP benefit.
The GMP element of your deferred pension will increase or “revalue” at a different rate from the rest of your Fund pension. The applicable rate will depend upon the date you left pensionable service as follows:
Date of termination of C/O employment Fixed Rate of Revaluation
6 April 2022 - 5 April 2027 3.25%
6 April 2017 - 5 April 2022 3.5%
6 April 2012 - 5 April 2017 4.75%
6 April 2007 - 5 April 2012 4.0%
6 April 2002 - 5 April 2007 4.5%
6 April 1997 - 5 April 2002 6.25%
6 April 1993 - 5 April 1997 7.0%
6 April 1988 - 5 April 1993 7.5%
Before 6 April 1988 8.5%
Your GMP will be increased (or revalued) at one of the above rates depending on the date you left pensionable service for each complete tax year between your date of leaving and GMP payment age. The rate applicable for you would have been shown on your certificate of deferred pension benefits, which would have been sent to you on leaving pensionable service.
