GMP age?

Sipowicz

I am currently in receipt of two D/B pensions, one CSPS, the other Plumbing pensions.
The Plumbing pension GMP becomes payable at 65, the CSPS at 66 (my state pension age).
I was under the impression that all GMPs became payable at age 65, despite the rise in State pension age. Am I mistaken?

SnowMan

Sipowicz wrote: »

I am currently in receipt of two D/B pensions, one CSPS, the other Plumbing pensions.
The Plumbing pension GMP becomes payable at 65, the CSPS at 66 (my state pension age).
I was under the impression that all GMPs became payable at age 65, despite the rise in State pension age. Am I mistaken?

The GMP isn't necessarily payable at age 65

If the scheme normal retirement age (NRA) is after age 65, so say GMP age = 65, and NRA = 66, then the GMP is increased by 1/7%pw (from memory) between age 65 and 66, and statutory 3% (or CPI) increases on the post April 88 GMP are on top.

So for a normal retirement at age 66, the scheme don't have to pay any GMP from age 65, but they do have to pay this higher 'late retired' GMP amount from age 66.

For an early retirement at age 60 (say) from a scheme with NRA 66 (say) then the pension must be at least equal to the revalued GMP at age 65. The 'late retired' GMP is only relevant when the pension doesn't go into payment until after age 65.

xylophone

GMP age remains 65 for men and 60 for women.

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/520784/Guidance_on_the_operation_of_pensions_increase_legislation_for_public__service_pension_schemes_PU1941.pdf

"11.4 The entitlement to the GMP begins when pensioners reach GMP-age: 60 for women and 65 for men. These dates have not been harmonised with State Pension ages."


http://www.plumbingpensions.co.uk/downloads/Plumbing%20Pensions%20Scheme%20Guide%20June16%20temp.pdf

Sipowicz

The CSPS pension has a normal retirement age of 60, the Plumbing pension 65. Yet the plumbing GMP is payable from 65 but CSPS from 66. I can't get my head round it!