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Many older Pension Plans contain Guaranteed Minimum Pension (GMP). This confers very valuable rights for the Policyholder and Spouse which are unlikely to be matched by another provider, unless an Enhanced Rate can be attained. Professional Independent Advice is essential when dealing with such plans.

GMP will typically be found in S32 Policies (Buyout Plans). They will provide an escalating income, often index-linked, although the annual increases may be paid together with your State Pension. Although the Pension Income is Guaranteed, such plans may not give rise to any tax-free cash entitlement at retirement.

It will still be possible to transfer S32 Policies after April 2015 but specialist advice must be sought, as there are only limited cases when this is likely to be beneficial to the policyholder. Examples might include illness, debt management or a case where there is no dependent.

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