GMP Equalisation

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.

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.

ITM director Maurice Titley looks at the next steps schemes should take on GMP equalisation.

The industry-wide GMP equalisation group has created five sub-committees to each work on a key component of the guidance. Holly Roach reports

This week's top stories included the Financial Conduct Authority announcing it would carry out further investigations on defined benefit transfers.

This week's Pensions Buzz respondents were split on whether more schemes should follow NEST's decision to divest from tobacco.

This week's Pensions Buzz respondents agreed the Pension Protection Fund (PPF) is sometimes right to vote against company voluntary agreement (CVA) proposals.

Liabilities slashed by £1.2bn

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'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.