Summary
The Department for Work and Pensions (DWP) has published a consultation seeking views on proposed regulations relating to the conversion of Guaranteed Minimum Pensions (GMPs) into other scheme benefits.
Consultation description
The author for this consultation is the Department for Work and Pensions. As such, all consultation information and related documents can be found at The Occupational Pension Schemes (Schemes that were Contracted-out) (No 2) (Amendment) Regulations 2026 - GOV.UK
This consultation proposes legislative changes to support GMP conversion. GMP conversion enables GMP rights to be converted into ordinary scheme benefits of equivalent value. The proposed changes are intended to help pension schemes address historic inequalities associated with GMP rules while simplifying benefit administration.
It is aimed at trustees and managers of formerly contract-out pension schemes, sponsoring employers, pension professionals, scheme members and other interested stakeholders.
In general, Northern Ireland’s pensions policy and legislation operates in line with Great Britain, and there is, in effect, a single pensions system across the UK. It is anticipated therefore that any legislative changes will also be introduced here, subject to the necessary Ministerial, Executive and Assembly approvals.