Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Guaranteed minimum pension definition

What does Guaranteed minimum pension mean? A guaranteed minimum pension (GMP) is the minimum defined benefit that a salary‑related occupational pension scheme had to provide to a member who was contracted‑out of the State earnings‑Related Pension Scheme (SERPS) between 6 April 1978 and 5 April 1997, broadly replacing the additional state pension foregone. It is a statutory concept under the Pension Schemes Act 1993 and contracting‑out regulations (with parallel Northern Ireland legislation). Key features include accrual only in that period; a statutory “GMP age” of 60 (women) and 65 (men) for entitlement, separate from state pension age; statutory revaluation before retirement; and indexation...

GMP conversion and equalisation: trustee powers, actuarial equivalence, 10-step DWP method, 2022 Act reforms, survivor benefits, employer consent and HMRC tax issues

Published by a LexisNexis Pensions expert

Practice notes

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FORTHCOMING DEVELOPMENT :

The key provisions of the pension schemes (conversion of guaranteed minimum pensions) Act 2022 will commence on a day still to be designated. Regulations to be made under the Act will cover (i) requirements for survivor benefits following conversion, and (ii) the scenarios in which employer consent is unnecessary or where another person’s approval will instead be required. Separately, the government’s 2019 guidance on using the GMP conversion legislation is expected to be updated to reflect recent developments, including measures in the 2022 Act. For further information, see:

Pension Schemes (Conversion of Guaranteed Minimum Pensions) Bill
Hansard: Pension Schemes (Conversion of Guaranteed Minimum Pensions) Bill, Volume 820: debated on Friday 25 March 2022
Hansard: Pension Schemes (Conversion of Guaranteed Minimum Pensions) Bill, Volume 821: debated on Wednesday 27 April 2022

This Practice Note outlines and comments on the process to be followed where trustees of an occupational pension scheme with guaranteed minimum pension (GMP) liabilities wish to convert them into other defined benefits (DB benefits). This facility, which took effect on 6 April 2009, has been viewed...

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David Everett

Lane Clark and Peacock

David Everett, is the head of the Pensions Research team at LCP. One of his key roles is to analyse and communicate regulatory and professional developments to audiences both within and outside LCP.David has built up many years of experience in the occupational pensions regulatory field covering a broad spectrum including government policy and legislation, particularly that emanating from the Department for Work and Pensions, the Pensions Regulator, the Pension Protection Fund and other compensation schemes, the Pensions Ombudsman and the Courts and the technical and ethical regulation of actuaries through the Financial Reporting Council and the Institute and Faculty of Actuaries respectively.He also assists the ACA in responding to government consultations.He's the editor of LCP's weekly Pensions Bulletin and undertakes other technical writing for the firm....

Web page updated on 21/05/2026

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