18 November 2024
The Trustee have consulted with all affected pensioner and dependant members who are currently receiving a Plan pension, about a proposal to simplify their Plan benefits following the need to address the historical Guaranteed Minimum Pension (GMP) inequality.
The Trustee is carrying out this exercise in stages with this second phase of the exercise currently in progress. Any members included in the second phase will have received an initial communication in May 2024.
For those members included in this second phase of the exercise, the deadline for receiving applications for the Pension Increase Exchange (PIE) option (also referred to as the Pension B option) is 23 December 2024. No further requests for the PIE (or Pension B) option or any other changes can be considered after this date.
Read more on the GMP FAQ page.