GMP Conversion

The Association of Consulting Actuaries (ACA) has received support for its proposed 'model scheme' to simplify defined benefit (DB) benefits alongside the conversion of guaranteed minimum pensions (GMPs).

The Department for Work and Pensions (DWP) has released its first batch of guidance setting out how the guaranteed minimum pension (GMP) conversion legislation may be used to resolve unequal payments.

GMP conversion guidance is expected imminently, but what will it mean for schemes? Maurice Titley looks at the next steps for trustees.