Pensions and Retirement
The pensions area of the website is maintained by GMB's Pensions
Department in National Office. The Department stays abreast of
developments from across the pensions arena and contributes
industrially to employers, politically to policymakers and
individually to members.
The website is intended to
communicate the knowledge of the department and give details of our
ongoing work to improve the pension conditions of all of our
members. The links on the left of the screen will direct you to
some of our key documents and give an overview of GMB's pension
work.
The Current Pensions
Landscape
State
Pension
- The Pensions Act
2007 indicates that the Basic State Pension age will increase
from age 65 to age 68 between 2024 and 2046. We will oppose this
change and promote policies that ensure increased life expectancy
is shared by all.
- The Act also indicated that a much needed boost will be given
to the Basic State Pension, by increasing it each year in line with
average earnings increases (rather than in line with price
inflation). However we maintain that this improvement should be
implemented without delay, to assist today's pensioners, rather
than waiting until 2010.
Occupational
Pensions
- The Pensions
Act 2008 introduced Personal Accounts, which are planned to
become a minimum standard of occupational pension scheme to which
employees and employers must contribute.
- The Labour Government has introduced the Pension Protection
Fund and Financial Assistance Scheme, which operate to provide
compensation to members of pension schemes which don't have enough
money to pay full pensions and whose sponsoring employer has gone
insolvent. We continue to push for full compensation for all
affected members.
These changes come in a time
when the cost of pensions are increasing and a general downturn in
financial markets means that pension savings do not go as far as
they would have done in the past. Further changes to the world of
pensions may be forthcoming, but GMB will continue to act to ensure
that our members get the best deal possible.
GMB has produced a useful pension guide called, "Pensions - putting You in the Picture"
Read more
GMB's Pensions Department has produced a handy checklist for members approaching retirement.
Read more
GMB can assist with general queries, problems and complaints
Read more
To ensure all GMB members have the ability to live with dignity and security in work and in retirement.
Read more
To ensure all GMB members have the ability to live with dignity and security in work and in retirement.
Read more
GMB produces a large volume of information on the individual pension schemes that many members are in.
Read more
Copies of our our recent general guides to specific issues related to pensions and retirement can be downloaded below
Read more