Guaranteed minimum pension
A member's guaranteed minimum pension (GMP) is the minimum level of pension he is entitled to receive under a former contracted-out salary-related (COSR) scheme ( www.practicallaw.com/9-205-6986) , 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 of it. GMPs ceased to accrue after 5 April 1997. From that date, and until 6 April 2016, a member's rights in a COSR scheme were known as his section 9(2B) rights ( www.practicallaw.com/0-385-5222) . Contracting-out on the salary-related basis was abolished on 6 April 2016.