Guaranteed Minimum Pension

Guaranteed Minimum Pension (GMP) definition

/ˌɡarənˈtiːd/ /ˈmɪnɪməm/ /ˈpɛnʃ(ə)n/

What does Guaranteed Minimum Pension mean?

Scheme benefit provided to an employee who was contracted out (on a salary-related basis) of the State-Earnings Related Scheme (SERPS) between 1978 and 1997. It is a defined benefit payable from State pension age designed to compensate the member for the amount they would have received from SERPS.

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GMP

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