Towards the end of last year the High Court made a judgement about Guaranteed Minimum Pensions (GMPs) earned between 15 May 1990 and 6 April 1997. It means that pension schemes like ours, who have some members who have earned a GMP, will need to treat them differently.
Since the update we provided in spring, there are still a few things that need to be made clear before we can make any changes. We continue to monitor developments and we’re working with the Company to put together a team of experts to agree a suitable solution.
This is unlikely to lead to a large change for the pensions of members impacted. As it will be a complex change to complete, it will be a while before we can confirm what this might mean to individuals. You can learn more about GMPs and find out whether this applies to you by clicking here.