GMP Equalisation
When and how to correct benefits
There are many reasons why trustees may need to complete a benefit rectification exercise. Faye Jarvis explores the key considerations in these instances.
Have your say: Has LGPS pooling been successful?
In this week’s Pensions Buzz, we want to know whether you think the Local Government Pension Scheme pooling programme has been successful in the two years since its formal launch.
From the Barber judgment to needing a barber
30 years after the infamous Barber judgment, Tom Yorath looks at how the GMP equalisation problem has progressed against advances in technology
No longer an excuse for equalisation delay
While HMRC guidance on GMP equalisation contains both good and bad news for schemes, it does allow them to get going on the process, says John Wilson.
HMRC pushes back deadline for GMP data cuts
HM Revenue and Customs has extended the deadline for the issue of final reconciliation data cuts due to the coronavirus outbreak.
GMP Equalisation Working Group publishes rectification guidance
The reconciliation and rectification sub-committee of the Guaranteed Minimum Pension Equalisation Working Group (GMPEWG) has published guidance on when to rectify for the effects of equalisation.
Looking forward to Lloyds (again)
Mark Smith looks at the next instalment of the Lloyds Bank's GMP equalisation court hearing, and what it could entail for pension transfers.
Rash Bhabra: The importance of passion
Willis Towers Watson's GB head of retirement speaks to James Phillips about changing DB regulation, trustee power, and a refocus on DC
Industry not convinced by GMP equalisation tax guidance; unanswered questions remain
The pensions industry still has a number of questions following the publication of HM Revenue and Customs’ (HMRC) guidance on tax issues covering GMP equalisation.
Prepare for the hectic twenties
The pension schemes bill heralds an era of tougher governance rules and strengthened member protections, bringing with it a lot of work for trustees, says Fuat Sami.
PPF levy rules 'broadly unchanged' with estimated £45m increase
The Pension Protection Fund (PPF) has confirmed its 2020/2021 levy rules and revealed they remain stable and broadly unchained from the previous levy year, expecting an 8% rise in collection.
'No excuse' for industry slipping from GMP equalisation timescale targets
The lack of clarity from HM Revenue and Customs (HMRC) on guaranteed minimum pension (GMP) equalisation is “no excuse” for stalling implementation, says Aon.
Where now for the DB superfunds?
Interest around DB consolidators is high but there remains regulatory uncertainty around their future. Lesley Carline looks at what the future might hold for this section of the market.
Industry agrees DC master trusts have set a good example for other schemes
This week's 88 Pensions Buzz respondents agreed that defined contribution (DC) master trusts have set a good example for other types of DC schemes during the authorisation process.
HMRC GMP equalisation tax guidance confirmed for December
HM Revenue and Customs (HMRC) has announced it will publish its long-awaited tax guidance specific to guaranteed minimum pension (GMP) equalisation in December.
HMRC guidance is the 'missing piece of the jigsaw' in GMP equalisation process
One year on from the landmark ruling on GMP equalisation, Holly Roach looks at how far the industry has come and what remains for schemes to do.
Industry welcomes pensions bill
Most of this week's 94 Pensions Buzz respondents agreed the bill is good for pensions if it gets through parliament.
Widespread concern over complexity and cost of GMP equalisation, finds ACA
Employers are increasingly concerned about the costs and complexity associated with equalising guaranteed minimum pensions (GMPs), according to the Association of Consulting Actuaries (ACA).
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.
