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Understanding GMP
confused1951
Posts: 1 Newbie
Hi,
I would ever so grateful if some kind person could confirm my understanding.
I had a section 32 buyout policy from a company I left in 1991. I cashed part of the policy in a few years ago taking a lump sum and a small annuity which pays approx 5k a year.
I have A gmp value on my policy of £5862 which I assumed that was all I was going to get at 65, however I have asked for details and Aegon have said that my GMP is revalued at 5% per annum. Does that mean i add 5 % compounded to the GMP value to when I retire in 2016 ?
Once in payment does the pension still receive increases.
Many Thanks
I would ever so grateful if some kind person could confirm my understanding.
I had a section 32 buyout policy from a company I left in 1991. I cashed part of the policy in a few years ago taking a lump sum and a small annuity which pays approx 5k a year.
I have A gmp value on my policy of £5862 which I assumed that was all I was going to get at 65, however I have asked for details and Aegon have said that my GMP is revalued at 5% per annum. Does that mean i add 5 % compounded to the GMP value to when I retire in 2016 ?
Once in payment does the pension still receive increases.
Many Thanks
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