PENSIONERS AND DEPENDANTS

The Group Trustee wrote to a second group of pensioner and dependant members who are affected by Guaranteed Minimum Pension (GMP) equalisation in late May 2026 about some changes they are proposing to make. The changes are linked to the GMP part of your pension, and a project called ‘GMP equalisation’, which all pension schemes like the Group have to carry out. 

The Group Trustee is required to run a consultation with members about the planned changes. The consultation will run from late May to 31 July 2026. 

On this page, you will find key dates as well as information about what’s happening and what you need to do. You will also find details of how to provide feedback on the proposal. 

Further information:

• Read an overview of what’s happening.
• Watch a short video which explains what’s happening.
• Find answers to your questions.
• This Q&A is relevant for most active and deferred members
• This Q&A is relevant for active and deferred members who were formerly members of the National Grid UK Pension Scheme (the 'Gas Scheme')

Please refer to the letter you were issued in May for the key dates to be aware of. This is the current timeline and may be subject to change. 

Late May 2026: 

• Letters issued to affected pensioner and dependant Group members explaining the proposal.
• Consultation on GMP proposal starts.

31 July 2026:

• Consultation ends.

Mid-August 2026:

• The outcome of the consultation is published on the Group website..

Early 2027:

• If the GMP proposal goes ahead, benefit statements will be issued. This will show any change to your Group pension after addressing the historical GMP inequality.
• New pension payments start.

This section provides more information about GMP equalisation/conversion. 

The two elements at the heart of these pension changes are:

1. Addressing the inequality 
   Following the outcome of a High Court legal case, UK pension schemes such as the Group need to address an inequality relating to some historic GMP benefits. (See ‘What is GMP?’ below.) This may affect your Group pension, although your Group pension will not reduce as a result of the changes.
2. Simplifying pensions 
   We are also proposing to convert all GMPs in the Group into a different form of pension, which will enable us to simplify the Group’s benefit structure.
   
   What is GMP?
   Part of your Group pension is GMP, which is a substitute for part of the old State Pension arrangement. You would have received this part of your pension from the Government had you not been a member of the Group.
   
   Please see the relevant GMP Q&A below for answers to your questions.
   
   

   This Q&A is relevant for most active and deferred members

   This Q&A is relevant for active and deferred members who were formerly members of the National Grid UK Pension Scheme (the 'Gas Scheme')

   Consulting with you
   As part of the GMP conversion process, the Group Trustee is required to consult with those members affected.
   
   This is your opportunity to ask questions and provide any feedback.
   
   The consultation period will end on 31 July 2026. 
   
   Please see Contacts below for how to provide feedback during the consultation.
   
   After consultation
   Following the consultation, the Group Trustee will decide whether to move forward with GMP conversion. We will publish a news update on the website to confirm the outcome of the consultation. If you’re registered online, we’ll email you to let you know when the outcome is available.