Guaranteed minimum pension

Calculation factors used in a contracted-out salary-related (COSR) scheme ( www.practicallaw.com/9-205-6986) . A member's guaranteed minimum pension (GMP) is the minimum level of pension he is entitled to receive based on the amount the member would otherwise have received under the additional state pension ( www.practicallaw.com/1-205-6570) for the period he was contracted out. GMPs ceased to accrue after 5 April 1997. From that date, a member's benefits in a COSR scheme are known as his section 9(2B) rights ( www.practicallaw.com/0-385-5222) .

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