Guaranteed Minimum Pension (GMP) Reconciliation Exercise

Background

An exercise recently took place across the pension industry to reconcile pension information held by all private and public sector pension schemes and Her Majesty’s Revenue & Customs (HMRC).  

The aim of the GMP Reconciliation Exercise was to ensure that pension schemes hold the correct information regarding members’ contracted-out service.

Impact

Although the vast majority of our members were not impacted by the exercise, we will be reviewing the pension benefits of a small number of pensioner members to see if an adjustment is required to their pension.  

This review will begin in early 2019, and we will write to affected members by the end of 2019.

More information

For more information about the GMP Reconciliation Exercise, including how it could affect your pension, please read the FAQs below.

We will be providing further updates about the GMP Reconciliation Exercise on this page, so please check back regularly.