The work to update retired members’ pensions requires lots of information and resources. We continue to work with our advisers to progress the calculations required. However, work has been delayed from our original plan. We expect to be in touch with an update in 2027.
We are still going ahead with phase 2 of the Pension Increase Exchange option in 2026, and any members eligible for a PIE option will have received this in September 2026.
If you retire after our calculations are complete, we’re aiming to convert your GMP before your pension starts to be paid. If you retire before then, we will include you in the work we’re carrying out for already retired members and write to you after your retirement to confirm if your pension will change and whether you are due a back payment.
The work to update retired members’ pensions requires lots of information and resources. As a result, we have decided to split the work into phases.
For members in ‘phase 1’, we have completed our calculations. We have written to them to explain if the amount of pension they get will change, and that this will happen in February 2026.
For members in ‘phase 2’, we have written to explain that their figures aren’t ready yet. We’ll be in touch with phase 2 members again when their figures are completed, to let them know when their GMP will be converted. We expect to be in touch in autumn 2026.
In September 2024 we consulted with members on a plan to convert everyone’s Guaranteed Minimum Pension (GMP) into normal (non-GMP) pension.
We legally had to consult members about this. That consultation has now ended.
We received a small amount of feedback from members, and no member objected to the changes. So, we have decided to go ahead with converting GMP.
You can read about the changes we're making under Reviewing your pension