Consultation on indexation and equalisation of Guaranteed Minimum Pension (GMP)
On 6 April 2016 the government introduced the new State Pension (nSP), designed to radically simplify pension provision, while ensuring that pensioners have security in retirement. Among the layers of complexity that are being removed is the Additional State Pension (AP) – a complex earnings related element of the old state system.
The consultation on how to treat Guaranteed Minimum Pension (GMP) for members of public service pension schemes who reach State Pension Age after 5 December 2018 has opened. The government is seeking views on how to address the issues of equalisation and indexation of the nSP and has set out a number of options.
The deadline for responding to the consultation is Monday 20 February 2017.
Further information is available via www.gov.uk/government/consultations/indexation-and-equalisation-of-gmp-in-public-service-pension-schemes