When the changes will happen

Retired members will see a change before others

If you’re already getting your pension, we will check the amount you’re paid and amend it as soon as possible, if necessary. You might also be due a small one-off back payment (with interest) for any extra pension you should have got in the past. 

If you haven’t started getting your pension yet, we will check it and adjust it at your retirement date, if necessary. And we will convert any GMP you have to non-GMP pension.

Dependants’ pensions might also change

If you’re getting a dependant’s pension from the Plan, it is based on the pension that your husband, wife or civil partner built up. 

If their pension included GMP, we will check it and then convert all your GMP to non-GMP, as we are doing with all members of the Plan. In most cases, this will make no difference to the overall value of your pension.

You might also be due a one-off back payment (with interest) for any extra pension you or the original member should have got in the past.

Members not yet getting their pension may see increases adjusted

If you’re not getting your pension yet, we might need to adjust the annual increases your pension gets in the period before you start taking it. This is because the GMP and non-GMP parts grow at different rates. The law and the Plan rules set out how this works. We are aligning them, so both grow at the same rate.

We intend that your starting rate of pension will not change as a result of this exercise. This is based on an assumption about the future rate of inflation. To achieve this we may need to reshape and uplift your benefits.

There’s nothing you need to do

There’s nothing you need to do while we continue with this exercise. During September 2026 we sent personal statements to many members showing how we have had to adjust their benefits. For some members, this is taking us slightly longer. There can be several reasons for this, depending on the member. It’s nothing to worry about and is a routine part of the exercise. We have written to those members to explain that we need to complete some extra work before we can update their pensions. We expect to write to those members again in 2027.

The GMP process takes a long time

This is because we need to check everyone’s records to examine their GMP.

Checking GMP for all affected members of a scheme involves a great deal of work. That work includes running through the scheme’s historical data back to 1990. It also involves working with specialist advisers and the scheme’s administrator to recalculate benefits, and tracking down members who have left the scheme.

As a result, it can take a long time for a scheme to finish this exercise. Members in the same scheme might get communications about GMP at different times. Also, different pension schemes are at different stages of this process. So members in more than one scheme might hear from each scheme at different times. For most members of the Plan, we completed the exercise in summer 2026.