pension rise

patsy43

After age 65 – Pre 06/04/1988 GMP No Increases. Post 05/04/1988 GMP is increased in line with price inflation, max 3% p.a.  dose this mean my pension dose not increase every year i left the company on the 31/12/1996

xylophone

After age 65 – Pre 06/04/1988 GMP No Increases. Post 05/04/1988 GMP is increased in line with price inflation, max 3% p.a.  dose this mean my pension dose not increase every year i left the company on the 31/12/1996

If you were a member of a pension scheme that was contracted out of SERPS (1978-1997), you will have a Guaranteed Minimum Pension as part of your occupational pension.

At GMP age (60 F/65 M), your Scheme Administrator will advise you on how your pension is split between pre 88 GMP/post 88 GMP and excess over GMP.

The scheme will not thereafter pay any increase on pre 88 GMP. 

It will pay  an increase on post 88 GMP up to 3% CPI.

It will pay an increase on the excess according to scheme rules.

xylophone

Have you obtained a State Pension Forecast?

If not, try here

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

hyubh

patsy43 said:

After age 65 – Pre 06/04/1988 GMP No Increases. Post 05/04/1988 GMP is increased in line with price inflation, max 3% p.a.  dose this mean my pension dose not increase every year i left the company on the 31/12/1996

No. This is a description of statutory increases on GMP once the GMP is due to be paid, which is 60 for women and 65 for men. Between date of leaving and then, the GMP is subject to 'revaluation'. There's more than one revaluation option that a scheme could chose, but if your scheme chose 'fixed rate', then as a Dec 1996 leaver the rate will be 7% pa.