GMP Equalisation

Buzz respondents do not believe trustees should be racing to act on guaranteed minimum pension equalisation, given the latest delay in implementation.

Hannah Brenton analyses the DWP's latest announcement on GMP

The government has confirmed it will delay plans to force schemes to equalise GMPs while it consults further with the pensions industry on the method for conversion.

The government has delayed plans to force schemes to equalise guaranteed minimum pensions until Spring 2014, pensions minister Steve Webb told lawyers last week.

The government said it cannot make any further simplification to guaranteed minimum pension rules in its white paper on the single tier state pension.

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The regulator is encouraging trustees and administers to use a £2 per week ‘tolerance level' to determine the right level of GMP.

The government is reconsidering its advice on GMP equalisation in an attempt to make the process "as painless as possible", Steve Webb has announced.

Funding deficits is still seen by trustees and sponsors as the most significant risk facing schemes, Metlife research shows.

More than one-third of private sector employers support the government's view on guaranteed minimum pensions requirements, a JLT Benefit Solutions study shows.