Guaranteed Minimum Pensions Fixed Rate Revaluation
We are seeking views on the proposed continuation of 3.25% per annum as the rate of revaluation applied to fixed rate revaluation of Guaranteed Minimum Pensions (GMPs) for early leavers.
What is being proposed
This consultation seeks views on the proposed continuation of 3.25% per annum as the rate of revaluation applied to fixed rate revaluation of Guaranteed Minimum Pensions (GMPs) for early leavers. This rate, subject to consultation responses, would apply to contracted-out members who leave pensionable service in the period 6 April 2027 to 5 April 2032.
Who this consultation is aimed at
This consultation is mainly aimed at pension administrators and employers who sponsor formerly contracted-out defined benefit occupational pension schemes.
However, the government also welcomes comments from:
Documents
2How to respond
By email to quarryhouse.gmpfixedraterevaluationconsultation@dwp.gov.uk
Defined Benefit: Fixed Rate Revaluation team 2nd Floor Caxton House Tothill Street London SW1H 9NA
Responses close 29 October 2026.