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guaranteed minimum pension

d57
by d57 16 December 2012  |  Comments 1 comment  |  Love Love  0 loves

One of my pensions has an element of gmp what does this mean and how will it affect my pension and my lump sum if I take it early (age55)

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  • MikeGG1
    Love rating 909
    MikeGG1 posted

    If this GMP is still part of the original Final Salary scheme, then it would seriously reduce your ability to take pension/lump sum at 55. Ask the scheme administrators for a quote.

    If it was transferred out to another Final Salary scheme then again ask for a quote.

    If it was transferred to a S.32 Buy-out policy then you are very unlikely to get much more than your GMP from M65/F60.

    Mike

    Posted on 16 December 2012 | Love Love  0 loves Report

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