Guaranteed Minimum Pension Fixed Rate Revaluation
Applies to England, Scotland and Wales
Download the full outcome
Detail of outcome
The government has published a summary of the consultation responses along with the government’s response.
The Occupational Pension Schemes (Schemes that were Contracted-out) (No. 2) (Amendment) Regulations 2022 have been made as a result of this review of the rate of fixed rate revaluation .
Original consultation
Consultation description
This consultation seeks views on the proposed move from 3.5% per annum (pa) to 3.25% pa in the rate of revaluation applied to fixed rate revaluation of Guaranteed Minimum Pension (GMP) for early leavers. This new rate, subject to consultation responses, would apply to contracted-out members who leave pensionable service in the period 6 April 2022 to 5 April 2027.
In line with previous reviews, we have sought advice from the Government Actuary’s Department (GAD) on the rate of revaluation.
The aim of this consultation is to draw interested parties’ attention to and seek views on the proposed change to the rate of fixed rate revaluation for GMPs for early leavers. The proposed change in rate is due to come into effect from 6 April 2022.
We are asking specific questions on the advice within GAD’s report in relation to the new rate we are proposing.
Documents
Last updated 21 February 2022 + show all updates
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Published a summary of responses and the government's response to the consultation.
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First published.