Our Plan
Contents
We plan to convert part of your pension
After we have checked GMP and updated pensions:
we plan to convert everyone’s GMP into normal (non-GMP) pension
we might have to make a change to your normal pension. This is so that the overall value of your pension does not go down
We will adjust some annual increases
When you get your pension, it can increase each year to help keep up with rising prices.
GMP increases differently from normal pension. So, when we convert your GMP to normal pension, we might need to change the way this converted pension increases. This will make sure that the overall value of your pension does not go down.
For converted pension built up:
after 6 April 1988, you’ll continue to receive increases. These are in line with the Consumer Prices Index measure of inflation, but not less than 0% or more than 3%
before 6 April 1988 you will not receive increases. This is in line with how your GMP currently works
If we adjust your pension, the total value of pension you receive will not go down.
Example of how we convert someone’s GMP
Read the example
You can comment on our plan to convert GMP
We legally have to consult with members about converting GMP.
The consultation runs until 18th November 2024.
We will update this website with the results of the consultation on 18th November 2024.
Ask us a question if you need help
If you have further questions you can: