Practical Law UK Glossary 4-107-6676 (Approx. 6 pages)
Glossary
Guaranteed minimum pension
A member's guaranteed minimum pension (GMP) is the minimum level of pension he is entitled to receive under a former contracted-out salary-related (COSR) scheme, based on the amount the member would otherwise have received under the additional state pension for the period he was contracted out of it. GMPs ceased to accrue after 5 April 1997. From that date, and until 6 April 2016, a member's rights in a COSR scheme were known as his section 9(2B) rights. Contracting-out on the salary-related basis was abolished on 6 April 2016.