Guaranteed Minimum Pension (GMP) equalisation update
As we have reported in previously editions of this magazine, some members’ benefits will include a Guaranteed Minimum Pension (or GMP) which was accrued as a result of being contracted out of the State Earnings Related Pension Scheme (SERPS). The GMP age is different for men and women and a court case has confirmed that schemes need to equalise benefits built up between 17 May 1990 and 5 April 1997 to take account of these differences.
As part of this, XPS is currently carrying out essential data work to ensure we are well prepared to implement GMP equalisation in the future. We will keep you updated on further developments as the project progresses.