Confused with GMP

Howards

Thanks xylophone

Will check scheme booklet & try to clarify with administrators

wary

I also have a policy frozen since 1994, when I was 32. I plugged their "revalued to SPA" figures into the CI formula which revealed there was only 31 revaluations ... taking me to age 63 which didn't seem correct.

However, having researched further, I think the rule is that it is revalued every April up to, but not including, the April before you turn 65. So being born in March, mine is only revalued at 7% pa to just after I turn 63. (Someone please let me know if this is not the correct rule.)

Not sure what the position is from 64 onward re further revaluations. Will check with my provider at some point but I have more significant GMP issues to resolve first ...

PensionTech

However, having researched further, I think the rule is that it is revalued every April up to, but not including, the April before you turn 65. So being born in March, mine is only revalued at 7% pa to just after I turn 63. (Someone please let me know if this is not the correct rule.)

It's based on the number of complete tax years between when you left the pension scheme and when you reach age 65 (or 60 for females). So let's assume you left in, say, July 1994, and you turn 65 in March 2027. The number of complete tax years, i.e. 6 April to 5 April, between the two dates is 31 (i.e. 6 April 1995 to 5 April 2026).