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 plan to 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 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. Our proposal is to align 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 carry out our checks. If you’re affected, we’ll contact you and let you know how your pension will change. We expect any changes to happen during summer 2026.

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 the majority of members of the Plan, we anticipate updating pensions during the summer of 2026.

We’ll send you a personal statement

We’ll send you a personal statement once we have finished our calculations and worked out how we need to adjust benefits. This will show you a new breakdown of your pension. You should receive this statement by summer 2026.