GMP equalisation:
Announcement for former members due a top-up payment
The Trustee is writing to some former members about a top-up payment that is due in relation to the pension benefits they transferred out of the Allianz Retirement and Death Benefits Fund. This follows a detailed review to address the issue of unequal Guaranteed Minimum Pensions (GMPs) in the Fund.
The Trustee has appointed the Fund administrators, Aon to manage the process of contacting former members about their top-up payments.
A reminder
The Allianz Retirement and Death Benefits Fund was called the Cornhill Retirement and Death Benefits Fund until 2003 and the Allianz Cornhill Retirement and Death Benefits Fund until 2007.
It includes:
- the AGF Pension and Life Assurance Scheme, which merged with the Fund in 2018; and
- the National Employers’ Mutual Pension Scheme, which merged with the AGF Pension and Life Assurance Scheme in 1993.
Aon is in the process of writing to all affected former members about their top-up payment. They will send out letters between July and December 2025.
If you are a former member and receive a letter from Aon, they will ask you to confirm your details.
Please be aware that neither Aon nor any other party will call you and ask for your personal or financial details over the phone. Please only confirm such details as set out in the letter from Aon. Aon will then send you more information about your top-up payment.
If you still have concerns
If you have received a letter and are still concerned about its legitimacy, there are other steps you can take to reassure yourself.
Read point 2 of HM Revenue & Customs 'Guaranteed Minimum Pension equalisation newsletter; April 2022'.
Call Aon on 0345 601 4561. The helpline is open on Mondays to Fridays from 9am to 5pm, excluding bank holidays.
You can also contact MoneyHelper, the Government-sponsored service which offers free impartial guidance on all pension and money matters. Explain that you have received a letter about a top-up payment relating to GMP and some pension benefits you have transferred out of the Fund. MoneyHelper will be able to confirm that UK pension schemes are legally required to carry out GMP equalisation in respect of past transfers. The MoneyHelper Pension Helpline number is 0800 011 3797. The helpline is open on Mondays to Fridays from 9am to 5pm.
The GMP equalisation work for current members is ongoing and is more complex than the work for former members. If any current members are eligible for a top-up payment, we will write to them in the future, when the top-up payments are known.