Guaranteed Minimum Pension (GMP)

The plan is 'contracted out' which means that you and Unilever paid lower National Insurance, and the plan must meet certain requirements relating to the second level of State pension (S2P – previously known as SERPS).

Between 6 April 1978 and 5 April 1997, the plan needed to provide a replacement benefit called the GMP. If you were building up benefits in the plan between those dates, your pension will include some GMP. The GMP receives increases each year in line with current pension law, while any pension you have on top of your GMP receives the plan increases shown above.

Increases to your Guaranteed Minimum Pension:

GMP built up between 6 April 1978 and 5 April 1988 (Pre 88 GMP)
The GMP is increased each year in line with price inflation by the State. Increases apply on 6 April each year based on the RPI increase for the 12 months ending the preceding September and are added to your State Pension. The UUKPF does not, therefore, pay pension increases on the Pre 88 GMP element.

GMP built up between 6 April 1988 and 5 April 1997 (Post 88 GMP)
The GMP is increased each year in line with price inflation and the UUKPF is responsible for the increase up to 3%. Any increase above 3%, up to the level of the September RPI increase, is paid by the State and added to your State Pension.