The outcome of the consultation has now been announced. Read the Trustee decision here.
In September 2021 we began consulting with Scheme members with Guaranteed Minimum Pension benefits (GMPs) on our proposals to address inequality with GMPs – a process called GMP equalisation and conversion. The window for giving feedback ended on 14 October 2021 and consultation is now closed. The Trustee would like to thank all members for their input into the consultation process.
We can’t respond to all individuals, but to address the main feedback we’ve received please refer to the FAQs we’ve prepared here. Our administrator, Mercer, will contact you directly if you asked a specific question about your circumstances.
GMP equalisation is the work all pension schemes like ours have to do. It will equalise any inequality as a result of GMPs for men and women in between 17 May 1990 and 5 April 1997 being different.
Consultation feedback themes
- Members asked for more information on the Annual Allowance (AA) and Lifetime Allowance (LTA) protection, including how they can check on their personal AA and LTA tax position.
- Members wanted to understand more about how the conversion process proposed would affect future pension increases.
- Widows, widowers and other dependants wondered how the conversion would affect them.
We are now considering the feedback and questions and we will confirm the outcome and next steps in November 2021 on this website (or via post for those who have requested it).
From Santander (UK) Group Pension Scheme Trustees Limited