This consultation has now closed, you can find more information here.
So, what is GMP?
The Guaranteed Minimum Pension is a block of Scheme pension. You’ll have a GMP if you were a member of a Scheme contracted out of the State Earnings-Related Pension Scheme between 6 April 1978 and 5 April 1997. We’re planning some ‘behind the scenes’ adjustments to your pension as part of a process called GMP equalisation. This is something that all schemes like ours have to do in the UK.
It’s going to take time to work out if and how members are affected, as we need to review lots of historic data and run and check complex calculations. You don’t have to do anything right now. We’ll update you as we progress.
Watch our short video to get the headlines.