Guaranteed minimum pension (GMP) equalisation has soared to the top of pension schemes' to-do lists, with 58% stating it is a priority project, research from Equiniti has revealed.
This is a drastic increase from the previous year, when just 13% of schemes said GMP equalisation was a priority for them. The administrator's survey - which questioned more than 300 pension professionals...
Employers are increasingly concerned about the costs and complexity associated with equalising guaranteed minimum pensions (GMPs), according to the Association of Consulting Actuaries (ACA).
The industry needs to spend a significant amount of money on data and administration to make the dashboard worthwhile, according to pension professionals.
Schemes must “act now” to equalise guaranteed minimum pensions (GMPs), pensions and financial inclusion minister Guy Opperman says.
The data the industry holds is not yet good enough for the pensions dashboard, industry experts say.
The Pensions and Lifetime Savings Association (PLSA) has unveiled a retirement living standards tool to help members engage with their pension and set retirement targets.