Abbey Manor Group Pension Scheme

Note from the Trustees

The Abbey Manor Group Pension Scheme is closed to new members.  This means that as the members age the overall scheme becomes smaller and the costs of management disproportionately higher.  The Trustees, working with the Company, have therefore decided to consider winding up the Scheme.

Some members of the pension scheme who worked for the Company between 1978 and 1997 have a Guaranteed Minimum Pension (GMP) as part of their pension, which is calculated differently for men and women as it is based on what at that stage was State Pension Age 65 for men and age 60 for women. This can cause men and women to receive different pension amounts. However, as a result of a court ruling, the GMP earned between May 1990 and April 1997 must be adjusted so that the same amount is payable to both men and women. 

The Trustees have started work to check if and how members’ pensions may be affected – this process is ongoing and requires certain information to enable any calculation to be undertaken.  This information is:

• Name
• Sex
• GMP accrued 1990 -1997 (or estimate of)
• Date of Leaving scheme (or estimate of)
• Date of Retirement (or estimate of)

For those receiving pensions from an insurance company the following is also required

• Current status: alive, died with dependant, died with no dependant
• Date of Death (or estimate of)

Without this information it will not be possible to attempt any calculation.

Men and women could both be affected by GMP equalisation.  If an adjustment is required it will increase the benefit payable – none of these adjustments will reduce benefits.  Any adjustment, if it applies to you, will be a small adjustment to your pension. 

If you transferred your pension to another scheme and your transfer included a GMP from service on or after 17 May 1990, the calculation of your transfer may need to be reviewed. You may be entitled to a top-up payment to the scheme you transferred your benefits to.

If you believe you may be affected by GMP and you have access to the information required and listed above, please contact the Trustees by email in the first instance to Pensions@abbeymanor.com