Page 2 - Gmp Equalisation News Today

New research shows around a third of schemes are providing or shortly planning to provide their members with additional support with their retirement decisions. In the current high inflation environment, feedback from pension schemes is that this support is more important than ever.

HM Revenue and Customs (HMRC) has published a GMP update providing clarification on issues surrounding equalisation.

The Pensions Administration Standards Association (PASA) has launched GMP equalisation guidance covering frequently asked questions (FAQs).

Lack of resource and capacity, costs; access to accurate data; and communication with affected members are just some of the key concerns the industry holds around GMP equalisation.

Buck has completed a GMP equalisation project for the Vaillant Group Pension Scheme – a project it says is the first in the industry to be completed on a ‘standalone’ basis.

Since the first Lloyds judgment, trustees and sponsoring employers have, understandably, been focussing on some of the more straightforward elements of GMP equalisation if there is such a thing.

The GMP Equalisation Working Group has published its supplemental guidance on transfer payments.

The pensions industry is “optimistic” about GMP equalisation with many schemes expecting to be paying pensions on an equalised basis by the end of 2022, according to research by Sackers.

So far, DC plans have largely been focused on the onset of auto-enrolment and changes to the regulatory framework - be it the ‘charge cap, ‘pension freedoms or consultations around ‘value for money, says Annabel Tonry, Executive Director at J.P. Morgan Asset Management (JPMAM).Download In 2015 George Osborne, then the UK Chancellor of the Exchequer, decided that those age over 55 could take much more of their pension in cash. This has since opened up a range of possibilities for DC scheme...

Is guidance guiding? Trustees receive a huge amount of guidance, but is it all useful? Holly Roach reports. The list of guidance available to pension schemes and trustees is vast. It covers issues ranging from GMP equalisation and the pensions dashboard to cyber security and scam prevention and is created to... To continue reading... Dont have an account? Professional Pensions is the UKs leading publication for the occupational pensions industry offering unrivalled coverage of the key issues fa...