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Guaranteed minimum pension (GMP) equalisation impact on individual transfer values
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Orientador(es)
Resumo(s)
Guaranteed Minimum Pension (GMP) was founded in April 1978, and it is minimum pension
paid when member reached age 65 for male and age 60 for female. Prior to year 1978, the
overall payment of the state pension is covered by the government of United Kingdom (UK)
but after that period, private pension schemes were given the authorization to supplement
part of the pension. The main purpose of GMP is to reconstruct State Earnings Related
Pension (SERPS) and ensuring employee that is excluded of SERPS between period, April 6,
1978 and April 5, 1997 to obtain their deserved pension.
There are several factors to be taken into consideration to produce the GMP values such as
gender, Date of Birth (DOB), Date of Joining scheme (DOJ), Date of Leaving (DOL), Normal
Retirement Date (NRD), Normal Retirement Age (NRA) and whether there is Transfer-In (TV
in) during the period of GMP. The GMP age varies for respective gender including the rate
used and this leads to the inequalisation of pension values despite the same amount of jobs.
Therefore, GMP equalisation was founded to equalise the amount of pension obtained by
both genders.
Descrição
Mestrado Bolonha em Actuarial Science
Palavras-chave
Pension Schemes UK Defined Benefits Guaranteed Minimum Pension Equalisation
Contexto Educativo
Citação
Wahab, Tahani Binti Abd (2022). “Guaranteed minimum pension (GMP) equalisation impact on individual transfer values”. Dissertação de Mestrado. Universidade de Lisboa. Instituto Superior de Economia e Gestão
Editora
Instituto Superior de Economia e Gestão