GMP equalisation project
Alongside the implementation of the new administration platform, we’re continuing with the Guaranteed Minimum Pension (GMP) equalisation project. This is a complex exercise, requiring detailed calculations, and will rely on the capabilities of the new administration platform to be completed effectively.
Most changes to pensions as a result of GMP equalisation are expected to be modest and where applicable, back payments will be made, including interest.
The GMP equalisation project will be completed after the new administration platform goes live. We will continue to provide updates as this project progresses and will contact any member who is due a back payment or pension increase.
Please tell us if you have Enhanced Protection
To support our GMP equalisation project, we need to know if you hold Enhanced Protection and have not previously told us of this. If you believe you have Enhanced Protection and have not yet told us, please provide us with a copy of your Enhanced Protection certificate using the contact details for the Administration Team.
GMP jargon buster
GMP is part of the pension built up between 1990 and 1997 in schemes that were contracted out of the State pension. The amount of GMP and the way it increases over time is set by law.
