Contracted-out schemes will automatically cease to be contracted-out after April 2016. The consultation posed three questions concerning the review of fixed rate revaluation of GMPs for early leavers: Question 1: Do you agree with a proposed rate of 3.25% per annum, to be applied from 6 April 2022? DWP launches consultation on reduced GMP revaluation rate More information on this can be found in our guide 'Pension transfers - DB to DC'.How GMPrights are treated following a transferdepends on the nature of the receiving pension scheme: DivorceIf GMP rights areawarded to an ex-spouse as part of a pension sharing order, they are no longer treated as GMP rights and are treated in exactly the same way as excess benefits. 10. Barnett Waddingham providestrustees and sponsors ofpension schemes all the support and guidance they may needwhen it comes to delivering their GMP projects. From April 2016, a one-off calculation determines the pension amount that a retiring individual receives. The GMP must be of roughly the same value as the additional state pension that you would have earned. Then select OK. GMP entitlement ages are 65 for males and 60 for females despite changes in the State Pension Age. One respondent did not comment on the proposed rate itself, but was concerned that there should be enough time before 6 April 2022 for pensions administrators to implement the change, including revised calculations and communicating with scheme members. Any reference to legislation and tax is based on abrdns understanding of United Kingdom law and HM Revenue & Customs practice at the date of production. If so, "Fixed Rate Revaluation" of GMP has no relevance to your situation. You have accepted additional cookies. 45. In response to its consultation - published last year - the Department for Work and Pensions (DWP) said the new rate will apply to members where applicable from 6 April 2022. Full product and service provider details are described on the legal information. 60. The benefits earned and the revaluation applied is dependant on the rules of the pension scheme and the legislation in place at the time. 11:45pm on 18 November 2021. The other respondent did not express a view. MediPharm Reports First Quarter 2021 Results, Provides Strategic Update

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