Since the dawn of pension freedoms and the ability for those in defined benefit schemes to transfer their funds into a defined contribution arrangement, a record number of transfers have occurred. Taking the decision to move out of a guaranteed income scheme to one which is reliant on stock market performance isn’t a decision to…

Guaranteed Minimum Pensions (GMP) came about when employees opted their employers out of the State Earnings Related Pensions Scheme (SERPS) between 1978 and 1997. The common pension vehicle for this was Defined Benefit/Final Salary Schemes, where benefits were built up alongside employee benefits. In 1990, it became law that all UK pension schemes should allow…

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