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Guaranteed Minimum Pension (GMP) equalisation and flexible options

As previously communicated by the Plan, a High Court ruling has confirmed that pension schemes will need to provide equal benefits for men and women for pensionable service between 17 May 1990 and 6 April 1997. This is despite the fact that GMP itself is calculated differently for men and women. This is known as equalising GMP.

The Trustee is continuing to work with their advisers to finalise the details for how it intends to implement the necessary legal requirements following the ruling. The relevant calculations and updates to benefits will take place once the initial preparations are complete. This will include reviewing data and preparing the calculations that will be used to ensure all GMP for members are equal.

In the meantime, the calculation of individual transfers out of the Plan has been updated to allow for GMP equalisation. Further updates will be communicated in future on the Plan website over time and no member’s benefits will be reduced as a result of the court ruling.

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