GMP Pension Estimator
Estimate Guaranteed Minimum Pension impact on retirement income. Enter values for instant results with step-by-step formulas.
Worked Examples
Example 1: Early Retirement
Problem:Retire at 60. GMP starts at 65.
Solution:Years 60-65: Basic Pension only.
Result:Year 65+: Income jumps up by GMP amount.
Frequently Asked Questions
What is GMP?
Guaranteed Minimum Pension. The minimum a workplace pension must pay you for the period you were 'contracted out' of the State Earnings Related Pension Scheme (1978-1997).
When is GMP paid?
Usually 60 for women and 65 for men, though legal equalisation complicates this.
Does GMP affect my State Pension?
Yes. Your State Pension might be reduced (Contracted Out Deduction) because you have a private GMP instead.
Is GMP inflation linked?
Complicated. Pre-88 GMP has no statutory increase. Post-88 is capped at 3%. This is often lower than standard scheme increases (5% or RPI).