Guaranteed minimum pension - Revision history

imported>Doug Williamson: Typo 'pension'.

2019-03-03T10:31:22Z

Typo 'pension'.

← Older revision		Revision as of 10:31, 3 March 2019
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	<span style="color:#4B0082">'''''Background: UK State Pension'''''</span>		<span style="color:#4B0082">'''''Background: UK State Pension'''''</span>

	The UK State Pension for people who reached state ~~sension~~ age before 2016 had two tiers:		The UK State Pension for people who reached state pension age before 2016 had two tiers:

	*The basic State Pension – to which workers built entitlement on the basis of their National Insurance record; and		*The basic State Pension – to which workers built entitlement on the basis of their National Insurance record; and

imported>Doug Williamson: Layout.

2019-03-03T10:30:51Z

Layout.

← Older revision		Revision as of 10:30, 3 March 2019
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			<span style="color:#4B0082">'''''Background: UK State Pension'''''</span>
	~~===~~=Background: UK State Pension~~====~~

	The UK State Pension for people who reached state sension age before 2016 had two tiers:		The UK State Pension for people who reached state sension age before 2016 had two tiers:

imported>Doug Williamson: Create page. Source: House of Commons Library https://researchbriefings.parliament.uk/ResearchBriefing/Summary/SN04956

2019-03-03T10:28:15Z

Create page. Source: House of Commons Library https://researchbriefings.parliament.uk/ResearchBriefing/Summary/SN04956

New page

''Pensions - UK - contracting out.''

(GMP).

Between 1978 and 1997, UK contracted-out pension schemes were required to provide a Guaranteed Minimum Pension (GMP).

Since 1997, a different test has applied, but contracted-out schemes still have to provide a GMP for pension rights accrued between 1978 and 1997.

====Background: UK State Pension====

The UK State Pension for people who reached state sension age before 2016 had two tiers:

*The basic State Pension – to which workers built entitlement on the basis of their National Insurance record; and
*The additional State Pension – which was partly earnings-related.

From the time the additional UK State Pension was introduced in 1978, it was possible to contract-out of it into a pension scheme that met certain criteria.

Where an employee was in a contracted-out scheme, they and their employer paid a reduced rate of National Insurance, designed to reflect the cost of providing the benefits foregone.

== See also ==
* [[Contracted out/in]]
* [[GMP equalisation]]
* [[National Insurance]]
* [[Pension]]

[[Category:Accounting,_tax_and_regulation]]