An update on Guaranteed Minimum Pension (GMP) equalisation

Some members have a Guaranteed Minimum Pension (GMP) in respect of their Scheme pension. For historical reasons, GMPs are calculated differently (and are paid at different ages) for men and women, which creates an inequality. To address the inequality, there’s an industry-wide exercise taking place across defined benefit schemes, including the Scheme, to equalise for the GMP element of members’ pensions and adjust those affected. This is a complex process and will take some time. We’ve made good progress and are now preparing to apply adjustments where needed.

For members already receiving a pension before 1 December 2025

Adjustments will start to be made during autumn 2026 and we’ll aim to complete the process in 2027. If GMP equalisation affects you, we’ll contact you directly with more information in due course. If you receive a letter regarding this exercise, an FAQ is available here.

For members not yet retired or who have retired since 1 December 2025

GMP equalisation has been completed, and pensions will be set up and paid on an equalised basis going forward. If you transfer your benefits to another arrangement instead, then the transfer value will be paid on an equalised basis.

 

October 2026.