The Occupational Pension Schemes (Schemes that were Contracted-out) (No 2) (Amendment) Regulations 2026

This consultation seeks views on the proposed draft regulations that provide for the conversion of Guaranteed Minimum Pensions (GMPs) into other scheme benefits. The changes are intended to help formerly contracted-out occupational pension schemes convert their GMPs as a part of a Guaranteed Minimum Pension (GMP) conversion exercise. These regulations seek to provide certainty around the process and steps schemes must follow. In particular, the regulations are intended to help those pensions schemes which plan to use the conversion methodology to fulfil their obligation to equalise people’s pensions because of the impact of historic GMP rules.  

The draft regulations have been designed in close conjunction with the pensions industry.

This consultation is aimed at: 

• trustees and managers of formerly contracted-out pension schemes
• sponsoring employers
• pension industry professionals
• pension scheme members
• member representative organisations
• any other interested parties

We will aim to publish the government response to the consultation on GOV.UK.