We have been working with Her Majesty’s Revenue & Customs (HMRC) to make sure that pension information we hold for members of our schemes matches their records.

This work has identified that some pension payments from the SPPA have been incorrect. This relates to a part of the pension called Guaranteed Minimum Pension (GMP) and how the cost of living increases, known as index linking, have been applied to it. As the information we held about some members GMP was incorrect, the annual cost of living increases which we have applied to pensions since State Pension Age have been too high or too low.   

We have recently issued letters to some pensioners in the NHS and Teachers’ schemes affected by our reconciliation of pension data with Her Majesty’s Revenue & Customs (HMRC). Further information about the GMP Reconciliation, and FAQs, can be found here