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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