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Help please regarding which tax years are to be included in a GMP fixed rate revaluation.
JAG61NZ
Posts: 39 Forumite
Hi All
Having had quite a bit of help regarding my pensions in the past on this forum I am now trying to sort out my husbands for him.
He has a GMP deferred pension which revalues at 8.5% per annum with the following details.
He left the Pension Mid January 1985 tax year 85-86
He turns 65 at the beginning of April 2026 prior to the end of the 25-26 Tax year.
His scheme retirement date is 1/5/2026 a month after he turns 65.
Please can someone advise which tax years are to be included when working out the GMP revaluation for his pension.
Thank you
UPDATE
Found an old piece of paper and now believe it is full complete tax years, so from the end of the following full tax year after leaving- in this case April 87, is year one to
and including April 25 - the tax year prior to the GMP revaluation- the last year to be included. Which will give the number of years the 8.5% is to be compounded.
Unfortunately it is all pre 1988 GMP so will not increase but on the bright side until recently he did not know it existed as he thought he had taken everything out when he left Rolls Royce , he was actually only given the excess over GMP. So a lucky find.
Having had quite a bit of help regarding my pensions in the past on this forum I am now trying to sort out my husbands for him.
He has a GMP deferred pension which revalues at 8.5% per annum with the following details.
He left the Pension Mid January 1985 tax year 85-86
He turns 65 at the beginning of April 2026 prior to the end of the 25-26 Tax year.
His scheme retirement date is 1/5/2026 a month after he turns 65.
Please can someone advise which tax years are to be included when working out the GMP revaluation for his pension.
Thank you
UPDATE
Found an old piece of paper and now believe it is full complete tax years, so from the end of the following full tax year after leaving- in this case April 87, is year one to
and including April 25 - the tax year prior to the GMP revaluation- the last year to be included. Which will give the number of years the 8.5% is to be compounded.
Unfortunately it is all pre 1988 GMP so will not increase but on the bright side until recently he did not know it existed as he thought he had taken everything out when he left Rolls Royce , he was actually only given the excess over GMP. So a lucky find.
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