About the Plan | Library | FAQs | Help & Support

Welcome to the

General Motors
(IBC) Pension Plan

Welcome to the

General Motors
(IBC) Pension Plan

What happens if……

Things change and when they do, the Plan can provide valuable support for you and your family.

You die...

…with a deferred pension 

If your deferred pension has not yet come into payment, a spouse’s Guaranteed Minimum Pension (GMP) is payable for any pension earned before 6 April 1997. A spouse’s or civil partner’s pension broadly equal to half your deferred basic pension is payable for pension earned after 5 April 1997. In addition, an amount equal to half of the SAP is payable from the month you would have reached age 65. 


If no spouse’s or civil partner’s pension is payable, your own contributions to the Plan (including those made via SMART) with interest are payable as a lump sum.


 …in retirement 

If you die and your pension is in payment, your spouse or civil partner will receive: 

  • half of the pension you were entitled to when you retired (before any exchange of pension for a cash sum or reduction on early retirement) 
  • half of the increases already awarded to your pension, and 
  • half of your SAP (starting in the month you would have reached age 65, if you die before then). 

If no spouse’s or civil partner’s pension is payable and you die within five years of the date your pension starts, a lump sum is payable equal to your own contributions to the Plan with interest, less the total value of pension instalments already paid to you and any cash sum taken in exchange for pension.

You transfer out

You are entitled to transfer your pension to another registered pension arrangement. Please remember that the Plan pension is a valuable benefit. If you wish to consider transferring your benefits, it would be advisable to seek independent financial advice. If your transfer value is greater than £30,000, it is a requirement to have independent financial advice. 


If you are interested in transferring your Plan benefits, you can request a transfer value from the Pension Department. Your transfer value is guaranteed for three months from the date it is calculated. You are entitled to a statement once a year, unless it is required for divorce proceedings.

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