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.

{ "siteName" : "PLC", "objType" : "PLC_Doc_C", "objID" : "1247245011650", "objName" : "Guaranteed minimum pension", "userID" : "2", "objUrl" : "http://uk.practicallaw.com/cs/Satellite/resource/4-107-6676?service=tax", "pageType" : "Resource", "academicUserID" : "", "contentAccessed" : "true", "analyticsPermCookie" : "2-290b3541:15477003f57:-2aaa", "analyticsSessionCookie" : "2-290b3541:15477003f57:-2aa9", "statisticSensorPath" : "http://analytics.practicallaw.com/sensor/statistic" }