Since the dawn of pension freedoms and theability for those in defined benefit schemes to transfer their funds into adefined contribution arrangement, a record number of transfers have occurred. Taking the decision to move out of a guaranteedincome scheme to one which is reliant on stock market performance isn’t adecision to be taken lightly. However,…
Guaranteed Minimum Pensions (GMP) came about when employeesopted their employers out of the State Earnings Related Pensions Scheme (SERPS)between 1978 and 1997. The common pension vehicle for this was Defined Benefit/FinalSalary Schemes, where benefits were built up alongside employee benefits. In 1990, it became law that all UK pension schemes shouldallow an equal retirement date…
