The Trustee wrote to members in December 2022 to consult on its proposal to convert Guaranteed Minimum Pension (GMP) benefits into an alternative benefit following a legal ruling requiring schemes such as the PSS to address an inequality relating to these historical GMPs.

The letters, and a more detailed “questions and answers” document, are shown below:-

Pensioners and Dependants

 Pensioner - Dependant Letter

 Pensioner - Dependant Q&A

Active and Deferred Members

 Active - Deferred Letter

 Active - Deferred Q&A

Additional Q&A during consultation

 Additional Q&A during consultation

After considering the feedback from members, the Trustee confirms it is proceeding with the proposal as planned.

The majority of affected members benefits were converted in September 2023. Members received a letter detailing the change to their benefits.


Some members received a GMP arrears payment which included interest income.

The interest element was not taxable at source (i.e. the Scheme was not to deduct tax).

If the total interest income you received, including from other sources, was higher than your interest income allowance in the tax year 2023/24, you are responsible for reporting this to HMRC and paying any resulting tax due.

Income Tax band              Personal Savings Allowance

Basic rate                            £1,000

Higher rate                           £500

Additional rate                      £0

In May 2024 we notified all members where the interest on the arrears was more than £250.

If you have interest income from other sources that is close to, or exceeds the annual allowance, but you have not received a letter, you may contact the administrators to confirm the level of interest on your arrears payment. Please remember that if you have not received a letter, the interest is less than £250.


We were not able to convert all members at the time of the original conversion due to specific aspects of individual benefits.  We continue to work with our providers towards completing this exercise for all members.  Any change will reflect your benefits at the date of the calculation and you will receive interest up to the date of payment on any arrears that may be due.  Please remember that most changes are small and the current amount and expected value over the lifetime of the benefits will not be reduced.