Guaranteed Minimum Pension Fixed Rate Revaluation

Nov 10, 2021

This consultation seeks views on the proposed move from 3.5% per annum to 3.25% per annum in the rate of revaluation applied to the fixed-rate revaluation of Guaranteed Minimum Pension (GMP) for early leavers. This new rate, subject to consultation responses, would apply to contracted-out members who leave pensionable service in the period 6 April 2022 to 5 April 2027.

 

In line with previous reviews, the Department for Work and Pensions has sought advice from the Government Actuary’s Department on the rate of revaluation. This consultation aims to draw interested parties’ attention to and seek views on the proposed change to the rate of fixed-rate revaluation for Guaranteed Minimum Pension for early leavers. The proposed change in rate is due to come into effect from 6 April 2022. The Department for Work and Pensions are asking specific questions on the advice within the Government Actuary’s Department report about the new rate being proposed.

Please take part in this consultation which closes at 11.45 pm on 18 November 2021. For further information and to take part, please visit the URL shown below: @ent/consultations/guaranteed-minimum-pension-fixed-rate-revaluation

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