Guaranteed Minimum Pension

Members who contributed to the MPS after April 1978 were contracted out of the State Earnings Related Pension Scheme (SERPS), paying lower National Insurance contributions as a result. Guaranteed Minimum Pensions, or GMPs, broadly represent the equivalent pension income that you would have received from SERPS had you not been contracted out.

There is a requirement placed on MPS to pay members a pension at least equal to the GMP at GMP age (65 for men, 60 for women). For most members, the Scheme pension is more than the GMP, but in the very few cases where it is lower than the GMP, the Scheme would increase the MPS pension so that it covers the GMP. If this applies to you, the Scheme Administrators will let you know.

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