Updates

During September 2026 we sent out personal statements to many members with a breakdown of their updated pension, since we had finished our calculations and worked out how to adjust benefits.

For many members, this exercise is complete. However, for some members this is taking us slightly longer.

This is nothing to worry about and is a routine part of processes like this. The reason can vary for different members – for example it could be because of a change in personal circumstances or that we need to carry out more work to make sure we calculate pension benefits correctly.

It’s important that any adjustments to benefits are accurate and reflect individual circumstances. So we need to complete this extra work before we update the remaining members’ pensions.

This extra time does not make any difference to the EY pension any member gets or is entitled to. While the outcome will depend on each member's individual circumstances, our experience from the work completed so far is that, for the vast majority of affected members, any adjustment to benefits resulting from this exercise is expected to be relatively small. We expect to write to these members again in 2027.

As the Trustee of the Plan, along with EY and their advisers, we have carefully considered members’ feedback. With EY, we have decided to proceed with the GMP conversion exercise.

We’d like to thank those members who responded to the consultation. The rest of this website has information about why we are doing this, how you might be affected, and when the changes will happen.

What happens next
We have to check that men and women are being treated equally in the Plan. To do this, we will work out how much GMP you would have built up between 17 May 1990 and 5 April 1997 if you were the opposite sex and will compare it to the GMP that you have actually built up. Once we have carried out this exercise, we will convert the higher of the two amounts into non-GMP, in line with the rest of your pension.

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.