GMP question
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vvvvvvvvvvvvvvvv
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What does this mean?
A GMP of £10,000 p.a. at 65 of which
£3,000 will increase at a rate of 3% p.a. compound.
Does it mean at the age of 65 the 10k p.a. will increase by £300 after a years retirement and the by another £309 after the following year and so on and so on?
A GMP of £10,000 p.a. at 65 of which
£3,000 will increase at a rate of 3% p.a. compound.
Does it mean at the age of 65 the 10k p.a. will increase by £300 after a years retirement and the by another £309 after the following year and so on and so on?
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Comments
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vvvvvvvvvvvvvvvv wrote: »What does this mean?
A GMP of £10,000 p.a. at 65 of which
£3,000 will increase at a rate of 3% p.a. compound.
Does it mean at the age of 65 the 10k p.a. will increase by £300 after a years retirement and the by another £309 after the following year and so on and so on?
That's not what it says. It says that £3k of the £10k will increase at 3% p.a. compounded: £90 and then £92.70 and so on.
It is silent on the other £7k.Free the dunston one next time too.0 -
What is the pre/post 88 split and excess?
This will help us see if what increases there are and how they are paid.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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