deferred pension and gmp

ajbell

i have a deferred final salary pension from bae.
Part of this is gmp. Is this only revalued once a year and if so what time of the year. Is it related to when you deferred it or a set date for everyone.
My statement this year says it is revalued in line with average earnings but every other statement i have had says in line with section 148 orders.
Where do these figures come from and any idea why it has changed.
If you take it part way through a year is it revalued up to that point.

SeekTruth

The GMP is revalued once per year as at April (presumably actually 6th April). The government issue earnings figures once per year, e.g. http://www.legislation.gov.uk/uksi/2013/527/made, these used to be called Section 148 (not 48) orders but the name appeared to change with a change in calculation method. It is not revalued for part years, see http://www.hmrc.gov.uk/pdfs/nico/ca14.pdf

SeekTruth

ajbell wrote: »

...
If you take it part way through a year is it revalued up to that point.

Is there an implication that you intend to take it at a different time than when you reach 60 (if female) or 65 (if male)? If that is the case then I suggest you post again with some more detail and maybe someone else would be able to explain the impact on GMP (I believe there is precisely no impact on GMP for early payment - in fact GMP is not paid early) and on the non-GMP element (in particular, for early payment what happens at age 60/65).

xylophone

https://forums.moneysavingexpert.com/discussion/comment/60904267#Comment_60904267 have a look through this thread.

http://www.maturetimes.co.uk/campaigns/pensions-benefits/3439-steve-webb-confirms-women-to-lose-gmp-increase-on-pension.html of interest to women with GMPs.