GMP and former Scheme members

If you’re a former member who transferred your benefits out of the Scheme, Guaranteed Minimum Pension (GMP) equalisation may affect you.

GMP equalisation is a process that many of the UK’s defined benefit pension schemes are required to carry out. We check members’ benefits and correct any inequalities resulting from historical differences in GMP terms for men and women.

The Trustee has been working with its adviser, Aon, to contact those former Scheme members who are due a top-up payment. If you receive a letter from Aon, please follow the instructions it provides to confirm your details, so we can arrange your payment.

You’ll find more details on our dedicated webpage about GMP equalisation and former Scheme members.

Information for current members

If you’re a current member of the Scheme, please note that the Trustee and its advisers are also carrying out an exercise to determine whether your benefits need to be adjusted to reflect GMP equalisation requirements. This is a large, complicated project and the Trustee wants to make sure it’s done carefully and accurately. As a result, this review will take some time to complete. If the review identifies that your benefits need to be adjusted, the Trustee will write to let you know. You don’t need to take any action at this time.