What is SMP?

Wazz118

I am looking for advice from the people 'in the know' on this forum as I am still in Infants school when it comes to finance and pensions.
I began drawing an old works pension in early 2016 which pays approx £8000 per annum and increases 5% a year. At the time I carried on working but took early retirement in October 2017.
I have noticed on my pension statement there is a box that states SMP of just over £4000 is payable as from my 65th birthday which is September 2019 but this does not increase per year.
I will be drawing my state pension in September 2020.
As regards to the SMP (which I presume is Secured Minimum Pension- I looked it up) is this an addition or will my pension stay the same or is it something else?
Any advice would be appreciated.

xylophone

Do you have a scheme booklet?

Did you draw the pension at scheme normal retirement age?

Was this pension a contracted out defined benefits scheme with a GMP?

Do you have a statement of benefits showing pre 88 GMP/post 88 GMP/excess?

Have you obtained a state pension statement?

https://www.gov.uk/check-state-pension

Brynsam

Wazz118 wrote: »

I am looking for advice from the people 'in the know' on this forum as I am still in Infants school when it comes to finance and pensions.

The info you've given doesn't enable anyone here to do anything except guess, which won't help you much. You should be able to get a quick (and accurate!) answer from the scheme administrators - contact details will be on the paperwork you've received from the scheme.