GMP Equalisation
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GMP equalisation working group forms five sub-committees to draft guidance and drive progress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.
What GMP conversion guidance will mean for schemes
GMP conversion guidance is expected imminently, but what will it mean for schemes? Maurice Titley looks at the next steps for trustees.
XPS launches GMP equalisation service for schemes
XPS Pensions Group has launched an 'EqualGMP' service for pension schemes to navigate through the process of equalising guaranteed minimum pensions (GMP).
Schemes make slow progress with GMP equalisation five months on
Many schemes are still sitting on their laurels despite the High Court judgment on equalising GMPs being handed down five months ago. Holly Roach explores how much progress has been made.
One third of schemes have calculated transfer values for GMP equalisation
One third of schemes have calculated transfer values for guaranteed minimum pension (GMP) equalisation, according to last week's Pensions Buzz respondents.
HMRC forms GMP equalisation working group five months after Lloyds judgment
HM Revenue and Customs (HMRC) has formed a working group to help schemes consider the pension tax issues arising from the guaranteed minimum pension (GMP) equalisation process.
95% of JLT's pension clients now quoting transfer values allowing for GMP equalisation
The vast majority of JLT Employee Benefits' clients have moved to the new equalised basis since the consultancy enabled pension schemes to calculate transfer values to allow for guaranteed minimum pension (GMP) equalisation.
GMP equalisation to 'cost half as much as expected'
The cost of equalising guaranteed minimum pensions (GMPs) has been revised down by around £7bn, nearly half that of an initial £15bn estimate.
The pension court cases to watch in 2019
A groundhog year kicks off as many of 2018's biggest court cases return on appeal. James Phillips rounds up what trustees should keep an eye on.
Insurers favour conversion method of GMP equalisation, Hymans Robertson finds
Insurance companies offering buy-ins and buyouts prefer pension schemes which adopt the D2 method of equalising guaranteed minimum pensions (GMPs), Hymans Robertson has found.
Taylor Wimpey pension liabilities to increase £16m under GMP equalisation
Taylor Wimpey has said its defined benefit (DB) pension liabilities will increase by £16m following the High Court judgment to equalise guaranteed minimum pensions (GMP) for men and women.
Phase in dashboard compulsion gradually, says industry
Smaller schemes should be given more time to prepare data for the pensions dashboard while larger counterparts should be brought on earlier, this week's Pensions Buzz respondents say.
