Graduated Pension (GP)

This is paid in addition to the BSP and the ASP.

It was the forerunner to SERPS and the amount of pension earned depends on the number of units of graduated contributions you paid between April 1961 and April 1975 and the value of a unit at the time you come to claim your pension.

Only individuals in their mid 50s and above are likely to have any benefits in this scheme. The benefits in question tend to be of a trivial size, typically £5 per week.

Since April 2011 the GP in payment has broadly increased annually in line with the average increase in prices as measured by the Consumer Prices Index (CPI).

Division of the GP on divorce

The GP does not appear to be either shareable or subject to any Pension Substitution on divorce. The size of this pension is however so small that this should not be an issue.