Guaranteed Minimum Pensions Fixed Rate Revaluation
Applies to England, Scotland and Wales
Consultation description
This consultation seeks views on the proposed continuation of 3.25% per annum as the rate of revaluation applied to fixed rate revaluation of Guaranteed Minimum Pensions (GMPs) for early leavers. This rate, subject to consultation responses, would apply to contracted-out members who leave pensionable service in the period 6 April 2027 to 5 April 2032.
Who this consultation is aimed at
This consultation is mainly aimed at pension administrators and employers who sponsor formerly contracted-out defined benefit occupational pension schemes.
However, the government also welcomes comments from:
- pension industry professionals
- pension schemes
- trustees
- pension scheme members
- member representative organisations and any other interested parties
Government response
We will publish the government response to the consultation on GOV.UK. The report will summarise the responses and set out the government’s reasoning behind our final decision on the appropriate rate that should be applied.