Definitions for "Guaranteed minimum pension"
Keywords:  serps, gmp, april, pension, scheme
This is the lowest level of pension which must be paid to a pensioner, as a condition of contracting out of SERPS.
The portion of an Occupational Pension Scheme that must provide a minimum amount as a replacement for the State Earnings Related Pension Scheme (SERPS)/State Second Pension (S2P)
This is the minimum amount that a member of a contracted-out defined benefit arrangement will receive as pension under the arrangement in respect of contracted-out service between 6 April 1978 and 5 April 1997. Special rules apply to this type of pension.