Bugsy Posted December 3, 2012 Share Posted December 3, 2012 Received notification that my Pension (NHS+OldAgePension) is to be reduced by £230 a year because of the introduction of GMP by the UK government. This may have been out a while but I knew nothing about it until today.The nice lady I contacted today said she would send me out some information on it - bit bloody late mate.Apparently they have 'cocked up' big time over this.They were forced into giving us 5.2% last year with the RPI so I guess it was only a matter of time before they clawed it back.and breathe......................................... Link to comment Share on other sites More sharing options...
Quillan Posted December 3, 2012 Share Posted December 3, 2012 Help the stupid i.e. me, whats GMP?I got a letter the other day from them to tell me I won't be getting mine till I am 66. [:(] I just wonder if the state pension scheme will still be running by then, knowing my luck probably not. Link to comment Share on other sites More sharing options...
Bugsy Posted December 3, 2012 Author Share Posted December 3, 2012 Sorry Q, I missed that bit.Its Guaranteed Minimum Pension Link to comment Share on other sites More sharing options...
Chancer Posted December 3, 2012 Share Posted December 3, 2012 So what is the botom line then, the guaranteed (not!) minimum pension?Why is yours going down? is it because you are no longer UK resident, or perhaps because your NHS pension takes you above the GMP?do private pensions affect it also? Link to comment Share on other sites More sharing options...
Bugsy Posted December 4, 2012 Author Share Posted December 4, 2012 I just don't know Chancer as I really don't understand it.I'm hoping the promised letter will shed some light on it.The amount involved in my case is probably what Cameron and his cronies spend on a bottle of wine but its much more than that to us.I did find this on the web - which seems to suggest I may have been overpaid [:-))] Link to comment Share on other sites More sharing options...
AnOther Posted December 4, 2012 Share Posted December 4, 2012 It is only some NHS pensions affected in this instance so GMP should not be confused with the state MIG (Minimum Income Guarantee).When contracting out of the S2P (or SERPS as was) there were guarantees called protected rights. In essence this meant that the fund you initially transferred, plus the annual additions from your NI rebates, were ring fenced ensuring that you would never be any worse off then if you had remained contracted in.It seems pretty clear that you have been overpaid Bugsy but be glad that they are not proposing any clawback ! Link to comment Share on other sites More sharing options...
Bugsy Posted December 4, 2012 Author Share Posted December 4, 2012 "It seems pretty clear that you have been overpaid Bugsy but be glad that they are not proposing any clawback"Amen to that ................ Link to comment Share on other sites More sharing options...
woolybanana Posted December 4, 2012 Share Posted December 4, 2012 So, if I can be bothered to fill in the form, I might get more pension as i have been told that I can have something called GMP from the teachers pension scheme which I ducked out of? Link to comment Share on other sites More sharing options...
Chancer Posted December 4, 2012 Share Posted December 4, 2012 [quote user="Bugsy"]I just don't know Chancer as I really don't understand it. I did find this on the web - which seems to suggest I may have been overpaid [:-))][/quote]Well it did my head in trying to understand it as well!Are you really of pensionable age Bugsy? Link to comment Share on other sites More sharing options...
Bugsy Posted December 4, 2012 Author Share Posted December 4, 2012 [quote user="Chancer"]Are you really of pensionable age Bugsy?[/quote]'fraid so, for two years September just gone. [8-)][:D] Link to comment Share on other sites More sharing options...
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