The detail
As your pension Trustee, we are legally obliged to ensure you receive the pension you are entitled to. This includes GMP.
If we find your GMP records are incorrect, your GMP was incorrectly calculated in the past, or your benefits need equalising for the effect of GMP, we must – by law – put that right.
Which pension schemes are affected by this?
- The GSK Pension Fund
- The SmithKline Beecham Pension Plan
- The SmithKline Beecham Senior Executive Pension Plan
Are you legally allowed to change my pension without consulting me?
As your pension Trustee, we have a legal obligation to make sure you get exactly the pension you are entitled to.
If you haven’t been receiving the correct amount of pension because your GMP records were incorrect, we are legally obliged to make sure your records are updated so you receive the correct amount of pension.
As a result of the Lloyds ruling in 2018, we are also legally obliged to equalise pensions between men and women for the effects of GMP.
What is the Company’s role?
As the sponsoring employer, the Company is responsible for paying money into the Plans to cover the cost of providing benefits. This includes any GMPs that have been underpaid.
We are working closely with the Company on GMP reconciliation, rectification and equalisation. We have agreed the methods we are using with the Company, and both we and the Company have taken legal and technical advice.
What specialist advice have you received?
GMP is a complicated technical area. We are following detailed guidance from the government and the industry.
We have engaged specialist advisers who have considerable experience of this kind of work to carry out the detailed research, comparison and calculation work needed.
We have also taken advice from our legal advisers.
The Company is also taking advice from its own legal adviser. (It’s normal for pension trustees and employers to have separate advisers).
Do I have to take the adjusted pension? Can I keep my old pension?
You must take the adjusted pension. We are legally obliged to pay you the amount of pension you are entitled to – no more, no less. In some circumstances, your increase or back payment may cause you to lose your enhanced lifetime allowance protection. If you think this may apply to you please get in touch.
Can you advise me on what to do with my pension?
No - neither the administrators, nor ourselves as your pension Trustee, are legally qualified to give you financial advice about your pension.
If you want advice on what to do with your pension benefits, you will need to find a regulated independent financial adviser and pay them to help you. Please visit Help and information for contact details that can help you find a financial adviser.
The information above sets out the Trustee and GSK’s current approach to, and understanding of, GMP Equalisation. The Trustee and GSK each reserve all rights to change their approach in future. The information above does not confer any right to benefits.