How GMP equalisation could affect your pension

Some members of company pension schemes have a Guaranteed Minimum Pension (GMP) as part of their pension, which is calculated differently for men and women. This can cause men and women to receive different pension amounts. However, as a result of a court ruling, benefits now have to be adjusted to take account of unequal GMPs.

Many pension schemes have started work to check if and how members’ pensions are affected – this process is ongoing.

Men and women could both be affected by GMP equalisation, but it’s likely that any change will make only a small difference to your total pension.

If you transferred your pension and your transfer included a GMP from service on or after 17 May 1990, the calculation of your transfer may need to be reviewed. You may be entitled to a top-up payment to the scheme you transferred your benefits to.