Guaranteed Minimum Pensions

(asked on 12th July 2023) - View Source

Question to the Department for Work and Pensions:

To ask the Secretary of State for Work and Pensions, whether he plans to extend Guaranteed Minimum Pension protections to pensions accrued before 1988.


Answered by
Laura Trott Portrait
Laura Trott
Shadow Secretary of State for Education
This question was answered on 19th July 2023

For people reaching State Pension age before 6 April 2016, in some circumstances, the additional State Pension can have the effect of price protection on Guaranteed Minimum Pensions (GMPs) accrued between 6 April 1978 and 5 April 1988.

The additional State Pension, and with it in-effect indexation, was replaced by the new State Pension for people reaching State Pension age from 6 April 2016. The transitional rules of new State Pension can be beneficial to people who have been contracted out and further information about this can be found here [[link]] Guaranteed Minimum Pension (GMP) and the effect of the new State Pension - GOV.UK (www.gov.uk)

There are no plans to change these arrangements.

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