Page 3 - Gmp Equalisation News Today

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...

Thursday, February 25, 2021 Background It is currently generally accepted that trustees of defined benefit (DB) pension schemes are obliged to equalise benefits between male and female members to correct inequalities in guaranteed minimum pensions (GMPs), and that this extends to transferred-in benefits. Following the most recent  Lloyds judgment, we now also know that transferring scheme trustees have an obligation to proactively consider topping-up individual statutory transfers (...

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...

The GMP Equalisation Working Group has published further good practice guidance covering the tax issues relating to the equalisation of GMPs.

Mercer urges government and HMRC to clarify GMP equalisation guidance Hartshorn: The government and HMRC need to work together to find a solution to this issue The government must work with HM Revenue and Customs (HMRC) and the wider industry to clarify GMP equalisation uncertainties, Mercer says. In its pre-Budget representation to HM Treasury, the consultancy said there was an urgent need for the government and HMRC to work together to provide trustees with better clarity and the certainty th...