Back in August 2024, the Group Trustee wrote to members who are affected by Guaranteed Minimum Pension (GMP) equalisation about some proposed changes. The changes are linked to the GMP part of your pension, and an ongoing project called ‘GMP equalisation’, which all pension schemes like the Group must carry out.
From early August to 4 October 2024, the Group Trustee ran a consultation with affected members about the planned changes. Having carefully considered all feedback received, the Group Trustee decided to proceed with the proposal.
What happens next?
The Group Trustee has now completed the necessary checks and calculations and written to those members included in the first stage of the exercise to confirm any changes to their pensions. Pension statements were issued in early February 2025. If this affects you and you receive a letter explaining that your pension is changing, your new pension will be paid from February 2025.
Some members’ benefits will be reviewed and calculated during the second stage of this exercise. We’ll write to those members nearer the time with a further update.
It might be the case that following the calculation exercise, you are identified as not having any GMP benefits, in which case the GMP issue doesn’t affect you and your Group pension won’t change - we’ll write to let you know.
If your pension does not include GMP and you did not receive a letter in February 2025, this information may not apply to you.
If you’d like to understand more about GMP equalisation and/or the changes to your pension, please see the materials below provided to members affected by GMP equalistion, in August 2024.
If you receive a statement and have any questions, please contact Railpen at enquiries@railpen.com or on 02476 472540.
Context information:
- Read an overview of what’s happening.
- Watch a short video which explains what’s happening.
- Find answers to your questions.
- Read a copy of the letter issued to affected members here and the Q&A provided with the letter, here.