Updates

If you retired before April 2025, we’re updating your pension record to reflect that your GMP has been converted into normal pension.

If you retired after then, we expect to include you in phase 2.

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