Member

I am going to attempt to respond to my noble friend’s question about GMPs. I confidently assure the House that, if I ever went on “Mastermind”, my specialist subject would not be guaranteed minimum pension schemes, but let me do my best. On 6 April 2016, the old state pension was replaced by the new state pension—I know my noble friend knows this, but I say this for the benefit of the House and the record. At that point, contracting out ceased. That meant that the in effect indexation of GMPs ended for people reaching state pension age from 6 April 2016. Transitional arrangements for the new state pension are particularly beneficial to contracted-out people, including those with GMPs accrued between 1978 and 1988. However, some people will still lose out because of the loss of in effect indexation. I encourage my noble friend to read Hansard and, if that is not enough, I will write to him, and perhaps even consider applying for “Mastermind”—who knows where that will take me.