We will be sending out pension increase letters and P60s during April if you’re paid weekly or monthly or May if you’re paid quarterly.
Your pension increase letter will explain what the increase will be to your pension from April 2020. Different parts of your pension have different rules about how they increase. To help you understand your letter, some terms are explained below.
GMP
This stands for Guaranteed Minimum Pension and is the portion of your benefits that the RMSPS must pay because you were contracted out of the Additional State Pension between 1978 and 1997. While you were contracted out, you did not build up additional state pension, and instead the RMSPS agreed to pay you a guaranteed minimum level of benefits.
Pre-88 GMP
This is the Guaranteed Minimum Pension you built up before 1988. Different rules apply to how this pension increases.
Post-88 GMP
This is the Guaranteed Minimum Pension you built up after 1988. Different rules apply to how this pension increases.
Your P60 will show you how much pension you receive from the Scheme and the tax you paid on it over the 2019/20 tax year and it will be sent out with your first payslip of the new tax year.
You can find out more information about both of these documents in our Frequently Asked Questions (FAQs).
If you still have a query after reading the FAQs, you can contact us using the details on our contact us page.