GMP

The pensions industry has used the Cabinet Office's ‘red tape challenge' to increase pressure on the government to abandon plans on Guaranteed Minimum Pension equalisation.

Government plans to enforce GMP equalisation will bring about a fresh wave of defined benefit scheme closures and could imperil the overall health of the economy, the industry warns.

Seven industry bodies have written to Steve Webb strongly criticising the government's proposals on Guaranteed Minimum Pension equalisation and calling for equalisation guidance put forward in January to be scrapped.

Three-quarters of scheme managers believe the government's approach to GMP Equalisation is not the correct one.

This month the legal panel considers scope for challenging the DWP on GMP equalisation and discusses the effect of the government's approach on liabilities and admin costs

In a recent Professional Pensions story, a lawyer said that the method chosen by the Department for Work and Pensions for equalising GMPs could be challenged. Do you agree?

Letter to the editor...

Jonathan Stapleton says things were going so well...

Grasping the nettle of guaranteed minimum pensions

Changing the way in which GMP equalisation is implemented could save schemes around £5bn, Aon Hewitt believes.