Following the Union’s historic legal victory on Guaranteed Minimum Pensions (GMPs) in October 2018, the Trustee and the bank have been looking at how to equalise pensions and implement the Court’s decision. That work is ongoing and once completed could result in some members getting top-up payments to their pensions.
The Trustee has written to scheme members to advise them whether or not they are affected by the Court’s decision. Those pension scheme members who had built up a GMP between the 17th May 1990 and 6th April 1997 will be affected.
A number of members have contacted the Union to say that they had built up pensions during that period but received letters saying they were not affected. Those members have contacted the Trustee and been told their records were wrong and they might be affected by the Court’s decision. The Trustee records are not always correct and we would urge members who were told that they weren’t affected to review their work and pensions history. If they were employed by the bank between the dates above and were members of one of the final salary pension schemes during that period, then they might be affected by the Court’s decision and they need to get the Trustee to review their records. Members requiring help to do this should contact the Union’s Bedford Office on 01234 262868 (Choose Option1).