GMP conversion – the facts


Amendments made to the Pension Schemes Act 1993 by the Pensions Act 2007, included a facility to allow contracted-out occupational pension schemes to convert members’ Guaranteed Minimum Pensions (GMPs) into ordinary scheme benefits. On 2 September 2008, following a commitment made in Parliament to consult before bringing the facility into force, draft Amendment Regulations were published for consultation by the Department for Work and Pensions. The consultation period closes on 28 October 2008.

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