GMP Equalisation

The government must work with HM Revenue and Customs (HMRC) and the wider industry to clarify GMP equalisation uncertainties, Mercer says.

Steve Nicholson looks at how schemes can go about implementing the most recent Lloyds ruling

Lane Clarke & Peacock (LCP) has warned that an “unwelcome year-end headache” is looming following last month’s GMP equalisation ruling, as XPS Pensions Group revealed schemes owe members up to £32,000.

Pension scam red flags have reached the highest level recorded, according to research by XPS Pensions.

Defined benefit (DB) schemes that provide GMPs must revisit and, where necessary, top-up historic cash equivalent transfer values (CETVs) that have been calculated on an unequal basis, a landmark court judgment said last week.

Capita Pensions has partnered with data technology solutions firm Intellica to tackle the GMP equalisation challenges facing pension schemes.

The government has launched a consultation seeking views on its proposals on how it will continue to provide full indexation of public service pensions, including any GMP element.

Pension scheme members could be owed as much as £25,000 in back payments from GMP equalisation, according to research by XPS Pensions.