The Scheme is starting to issue GMPe impact letters to affected members.

We wrote to you earlier this year or in late 2023 to let you know if you were part of an affected group of members who built up pension benefits while working for Royal Mail Group or any of its subsidiary companies between 17 May 1990 and 5 April 1997. If we did, you will soon receive a further letter from us explaining any changes to your pension and if you are due a one-off lump sum.

What will the impact letters contain?

The impact letter contains information and support in relation to the changes that are being made to the GMP part of your pension benefits. It is worthwhile keeping this information in a safe place so you can refer to it in the future if needed.

More specifically, the impact letters will contain the following:

• Information on GMPe and why we are making the changes. If you would like to understand more about this then our FAQs may help to answer a number of questions that you might have.
• Confirmation of how your pension will be affected in one of the following ways:
  • You have received too much in respect of the GMP part of your pension. This will mean that the GMP part of your pension will be reduced.
  • You have received too little in respect of the GMP part of your pension. This will mean that the GMP part of your pension will be increased.
• Confirmation of if your pension benefits were previously affected. This may mean that:
  • You have been paid too little in previous years when you have been receiving your pension. If this is the case, you will receive confirmation of the value of a one-off lump sum as well as information confirming which tax years this payment, or payments, relate to.
  • You have been paid too much in previous years when you have been receiving your pension. If this is the case, we will confirm that your pension was at least equal to or more when compared to a member of the opposite sex. You will not be required to repay any overpayments to the Scheme.
  • You have a mix of under and overpayments. Where this is the case, you will be paid a one-off lump sum for the years that you were paid too little. This will not be offset against the years where you may have been paid too much.
• The letter will also let you know when the changes will be made and when you can expect to see the change in your payroll and any payment of lump-sums that may be due to you.

Tax and the changes to your benefits

If you believe the amount of tax that you have paid is incorrect, you will need to contact HMRC directly and present the information contained in your letter to them.

We understand that any change to your pension (large or small) can have a significant impact and we apologise for any financial distress this may cause.

Should you need support relating to financial concerns we have provided a list of organisations and schemes that might be able to help. You can find this information on our ‘Contact us and financial support’ page.

Future changes to your pension benefits

Once you have received your impact letter and any changes are applied to the GMP part of your pension, we will continue to review this regularly to ensure that it remains at least equal to a member of the opposite sex. This review will take place annually at the same time as the annual pension increase.

We will write to you to let you know if a further change is required to your pension in the future.

Every April we inform Scheme members of changes to their pension benefits in line with the annual pension increase. This next increase comes into effect in April 2025, and you will receive a separate letter regarding this.

Stay informed

If you have any questions, then please visit our FAQs page here. Further news articles will follow so visit this page regularly to keep up to date.