GMP Equalisation
Pensions minister tells schemes to 'act now' on GMP equalisation
Schemes must “act now” to equalise guaranteed minimum pensions (GMPs), pensions and financial inclusion minister Guy Opperman says.
Are we heading for a capacity crisis in admin - or are we already there?
With schemes facing more administration tasks than ever, it is important the industry attracts new talent to help with potential capacity problems, says Kim Gubler.
Don't limit DC savers' choice, respondents say
Defined contribution (DC) savers should not have their choices limited when it comes to savings plans and retirement decisions, a majority of this week’s 93 Pensions Buzz respondents say.
No one-size-fits-all for GMP equalisation
The GMP Equalisation Working Group has published its first guidance note to assist schemes in undertaking the process. Holly Roach discusses what schemes should do next
Five stories you may have missed this week
The top stories this week were Gallagher’s acquisition of AHC, and the publication of the GMP Equalisation Working Group’s methodology guidance.
GMP Equalisation Working Group publishes methodology guidance
The cross-industry GMP Equalisation Working Group has published guidance outlining methods schemes could use to equalise for the sex based inequalities of GMPs.
GMP equalisation now top priority for schemes
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.
Pension administration needs to be taken more seriously
KGC Associates' administration survey revealed the industry thinks administration is not taken seriously. Holly Roach looks at the survey findings.
The race to equalise GMPs…are we there yet?
Planning the journey towards equalised GMPs will make the process more enjoyable than focusing on the timing of reaching the end goal, says Girish Menezes.
Five stories you may have missed this week
This week's top stories included the GMP Equalisation Working Group publishing a call to action to help schemes begin the process.
GMP equalisation working group publishes call to action
The Guaranteed Minimum Pension Equalisation Working Group (GMPEWG) has published a call to action to assist schemes in the first stage of the process.
Tougher audit stance leading to 'bunched' discount rates
FTSE 350 defined benefit (DB) schemes are "bunching" around an average discount rate of 2.8% due to higher yields and a tougher stance from auditors, Hymans Robertson research finds.
HMRC working group confirms GMP tax guidance 'unlikely' before autumn
HM Revenue and Customs' (HMRC) guaranteed minimum pension (GMP) equalisation working group has revealed the guidance needed to avoid potential tax consequences will not be updated before the autumn.
Video: The next steps for GMP Equalisation
ITM director Maurice Titley looks at the next steps schemes should take on GMP equalisation.
GMP equalisation working group forms five sub-committees to draft guidance and drive progress
The industry-wide GMP equalisation group has created five sub-committees to each work on a key component of the guidance. Holly Roach reports
Five stories you may have missed this week
This week's top stories included the Financial Conduct Authority announcing it would carry out further investigations on defined benefit transfers.
Industry split on divesting from tobacco
This week's Pensions Buzz respondents were split on whether more schemes should follow NEST's decision to divest from tobacco.
The PPF is right to vote against CVA proposals, say respondents
This week's Pensions Buzz respondents agreed the Pension Protection Fund (PPF) is sometimes right to vote against company voluntary agreement (CVA) proposals.
Sainsbury's scheme surges into surplus after PIE and mortality assumption update
Liabilities slashed by £1.2bn
Trustee boards should prioritise industry data issues
Trustee boards are not focusing enough on data issues despite the bad effect poor data can have on members, according to a PMI roundtable in May. Holly Roach reports
De La Rue scheme gains £80.5m after indexation swap
De La Rue's defined benefit (DB) pension scheme gained £80.5m after swapping the index used to revalue benefits, but lost £0.5m to rectify discrepancies identified in the scheme's rules.
HMRC delays crucial GMP data until end of year
HM Revenue and Customs (HMRC) has announced it is delaying the provision of data that will enable pension schemes to confirm the guaranteed minimum pension (GMP) benefits to pay to members until the end of the year.
Back to Buck: How the consultancy returned to its roots
After many changes in name and ownership over the past 22 years, Buck has gone back to its roots. David Piltz tells Stephanie Baxter why being smaller and nimbler is better
DWP publishes GMP conversion guidance
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.
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