Your pension in the M&S Pension Scheme is made up of different parts built up over the time you were working for M&S. One part is called Guaranteed Minimum Pension (GMP), which you’re likely to have if you worked for M&S before April 1997.
The way GMP built up was based on the way the State Pension worked at that time, which was different for men and women. A legal ruling requires many UK pension schemes like ours to check GMP built up between 17 May 1990 and 5 April 1997 to see if men and women have been treated equally for the effects of GMP and, if not, we need to adjust members' benefits. This is known as “GMP equalisation”.
Because GMP is normally a small part of someone’s pension, the outcome for some members is a small increase to their pension but the majority of members are due no increase at all.
We’re pleased to let you know that we’re starting to send letters to members whose pension needs adjusting as a result of this review. However, please be aware that GMP equalisation is complicated and can take a long time to complete for everyone.
In November 2025, you’ll get a letter explaining any changes to your pension if:
- Your pension is already being paid to you and your pension needs adjusting;
- You worked at M&S between 17 May 1990 and 5 April 1997; and
- Your pension benefits are not affected by other factors, such as transfers in or pension sharing orders.
If your pension is not due to change or you do not have a GMP built up in the applicable period, you will not receive a letter. If your pension is affected by other factors listed above, we’ll write to you once the review of your pension has been completed.
Members who have been issued a GMP equalisation letter can find a copy on the M&S Pension Scheme Portal. Simply log in to your pension account and go to ‘My Mailbox’. Remember, your login username will be something you chose and not your email address. Any changes to your pension will be shown on your December 2025 payslip, which you can find under ‘My Pension’ on the portal.
If you normally receive your pension communications in the post, you will not receive a letter if your annual pension is due to change by less than £1 or you are due a lump sum of less than £12 to cover historic underpayments. Your letter will be available to you online on the portal or can be requested from the Pensions Administration Team, if required.
If you have GMP in the applicable period but are not receiving your pension yet, we've updated retirement calculations to make sure GMP equalisation is taken into account. You will not receive a letter.
We’ve provided some questions and answers about equalising GMPs if you’d like more information.
NEED TO CONTACT US?
The Scheme and its administrators are running all the necessary calculations for you. You don’t need to do anything when it comes to GMP equalisation.
Should you have a question about your benefits, the quickest and most secure way to contact the Pensions Administration Team is by logging in to the M&S Pension Scheme Portal and using the online ‘Contact Us’ form. Once logged in, from the portal homepage go to ‘General Information’ and click ‘Contact Us’.
If you need help with registering or resetting your login, take a look at our easy to follow portal guides.