Members in scope of GMP conversion only

The Trustee wrote to you in July about how we are legally required to address an historical inequality relating to some Guaranteed Minimum Pension (GMP) benefits in the Scheme. This follows the outcome of a High Court legal case, which affects members of pension schemes across the UK, including the Scheme.

We explained the method for doing this proposed by the Trustee and the Company, which would also give us the opportunity to simplify Scheme pensions.

Consultation outcome

Thank you to all who asked questions and/or offered their views during the consultation. 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.  

You will receive your new pension from February 2024.