Pension Increase Exchange (PIE)
In May 2025 we sent some members a letter explaining that ScottishPower may be able to offer them an option called Pension Increase Exchange (PIE).
PIE is a separate exercise to the changes to GMP that are also taking place for some members.
Some people will not be offered PIE as certain criteria must be met for your pension to be eligible.
What is PIE?
Your Manweb Group pension increases each year, to help take account of the rising cost of living. If you choose PIE, you exchange some of your future increases for a higher initial pension.
How PIE works
If you’ve received a PIE option, it means that ScottishPower is giving you the choice to exchange the future increases on part of the pension you built up before 6 April 1997 in return for a higher initial pension. If you take up this option, the part of your pension that you exchange will not increase in the future.
The PIE option gives you flexibility in how you take your pension, and it might be something that suits you. Before you make a decision, you will need to carefully consider your personal circumstances.
Please read the Guide to PIE that we sent you with your PIE option letter and speak to Chase de Vere (see below) for professional advice (or guidance if you live outside the UK).
PIE is optional. You do not have to choose PIE if you do not want to. If you do not want to take the PIE option, there is nothing you need to do.
Who to talk to about your PIE option
ScottishPower is paying for an independent financial advice company called Chase de Vere to give you advice (or guidance if you live outside the UK).
Chase de Vere will talk to you about your circumstances. They’ll use what they learn to either recommend that you choose PIE, or that you do nothing.
You will not have to pay anything for this advice. Chase de Vere will be paid by ScottishPower no matter what decision you make.
If you’d like to know more or you’re interested in taking up your PIE option, please book an appointment and talk to an adviser from Chase de Vere by 18 December 2026:
Phone:
0800 088 3126 (UK)
+44 203 474 5393 (overseas charges may apply)
Monday to Friday, 9am to 5pm except Bank Holidays
Email:
scottishpower@chasedevere.co.uk
You can find out more about what happens when you get in touch with Chase de Vere in the Guide to PIE we sent you.
You must have an appointment with Chase de Vere in order to take your PIE option, as they have the information and forms you’ll need.
What you need to do, and when you need to do it
