Members in scope of GMP conversion and PIE


The Trustee wrote to you in July 2023 about how we are legally required to address an historical inequality relating to some Guaranteed Minimum Pension (GMP) benefits in the Scheme. We also explained how, in collaboration with the Company (E.ON UK), we are also giving you a choice in how your pension increases in future, known as a Pension Increase Exchange (PIE) option. Some members may have already accepted the PIE option in the past but may have additional flexibility due to the proposal on equalising GMP benefits.

Consultation outcome

Thank you to all who asked questions and/or offered their views during the consultation on the proposal to address the historical inequality relating to GMP benefits. Having considered carefully all the feedback we received, we decided to proceed with our proposal as we believe it is the most appropriate way to address the legal requirement to equalise pensions and simplify Scheme benefits.

You should have by now received your personalised statement showing how this will impact you.

For a limited time, you have a choice of pensions to choose from:

Pension A

  • Simplifies your pension and addresses an historical inequality relating to some Guaranteed Minimum Pension (GMP) benefits in the Scheme
  • Increases in broadly the same way as your current Scheme pension

Pension B (also known as your PIE option)

  • Exchanges some of your annual pension increases for a higher pension now
  • Simplifies your pension and addresses the historical inequality in the same way as Pension A.
  • Increases at a slower rate than your current Scheme pension and Pension A.

Choosing your Pension B option will not affect the pension your husband, wife, civil partner or other dependant will receive if you die before them, which would be the same under both Pension A and Pension B.

For impartial financial advice on your pension options – at no cost to you – contact Chase de Vere by 1 December 2023. 0800 088 3132 (UK) or +44 203 474 5199 (overseas) Monday to Friday, excluding bank holidays, 9am to 5pm

Say you are a member of the E.ON UK Group and you would like to arrange an advice call, or you can receive advice straight away if you prefer.

Please only contact the IFA Chase De Vere if you have received a PIE offer. It will be clear from the pack you have received if you have a PIE offer.