In previous issues, we have been keeping you up-to-date on two reviews we have been carrying out involving GMPs.
GMP rectification was a check to make sure our GMP records agreed with those held by HM Revenue & Customs’ (HMRC). This exercise is now complete – unless you have already received details from us, we do not need to adjust your benefits as a result of this check.
GMP equalisation involves looking at any pension you built up between 17 May 1990 (a date set by reference to a previous court ruling) and 5 April 1997 (when GMPs were discontinued) and comparing it with the amount a person of the opposite sex would have built up in the same circumstances. If that opposite sex pension is higher, then your pension would need to be increased to that level. Bear in mind that any increase is likely to be small (as GMP is not a large part of most members’ benefits) however, no-one’s benefits will go down as a result of this review. We are currently aiming to complete this exercise in 2025. We will contact those members whose benefits need to be increased as a result of the unequal GMP.