ANNOUNCEMENT : ALL OF ROYAL MAIL'S EMPLOYMENT POLICIES (AGREEMENTS) AT A GLANCE (Updated 2021)... HERE
ANNOUNCEMENT : PLEASE BE AWARE WE ARE NOT ON FACEBOOK AT ALL!
GMP
-
FAB
- Posts: 234
- Joined: 06 May 2017, 22:57
- Gender: Male
GMP
When we were contracted out and had the GMP part. They say that although you may get a lower state pension this GMP will be worth the same or more than you might lose in the state pension. Apart from of course paying a lower NI contribution how could it improve your RM pension if that part is based on your final salary and number of years service? Or does it add more to that part of the pension. Never that clear on GMP!
-
RobertT
- EX ROYAL MAIL
- Posts: 6645
- Joined: 09 Sep 2007, 14:26
- Gender: Male
GMP
The GMP forms part of your RM pension entitlement and represents the minimum amount that it has to pay out based on your pay and length of service.
As contracting out stopped in April 2016, we now pay more in NIC’s and so are building up more state pension than we would have done beforehand, potentially getting the full benefit from both.
As contracting out stopped in April 2016, we now pay more in NIC’s and so are building up more state pension than we would have done beforehand, potentially getting the full benefit from both.
Links to all RM pension related websites are here