The work to update retired members’ pensions requires lots of information and resources. We continue to work with our advisers to progress the calculations required and expect to contact members again with an update in 2027.
If you retire before our calculations are complete, we will include you in the work we’re carrying out for already retired members and write to you after your retirement to confirm if your pension will change and whether you are due a back payment.
As explained in Our Plan, we plan to convert everyone’s Guaranteed Minimum Pension (GMP) into normal (non-GMP) pension. We legally had to consult members about this, and that consultation has now ended.
We received a small amount of feedback from members, and no member objected to the changes. So, we have decided to go ahead with converting GMP.
Read more about how we are converting GMP