Red tape preventing pension schemes from managing the barriers around GMP equalisation is leading to many combining conversion with pension increase exercises (PIE), Aon says.
30 years after the infamous Barber judgment, Tom Yorath looks at how the GMP equalisation problem has progressed against advances in technology
The lack of clarity from HM Revenue and Customs (HMRC) on guaranteed minimum pension (GMP) equalisation is “no excuse” for stalling implementation, says Aon.
Aon has announced the promotion of seven of its UK retirement, asset management and reward team to partner.
The industry needs to step up efforts to ensure guaranteed minimum pension (GMP) equalisation exercises are completed in time, and in a cost effective way, according to Aon.
The pensions industry is split on its approach to dealing with the GMP equalisation, Aon says.
Insurers are set to face a "flood of requests" from pension schemes for buy-in contracts to be restructured to allow for guaranteed minimum pension (GMP) equalisation, Aon warns.