We are going ahead with converting GMP
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.
If you’re already a retired member (or retire before April 2025), we’re updating your pension record to reflect the conversion, and we’ll write to you about this at the end of 2025.
If you have not retired yet, we’ll make the changes from when your pension starts to be paid (assuming this is after April 2025).
Read more about how we are converting GMP