Pensions - Articles - HMRCs announcement is delaying GMP Equalisation data

Commenting on the announcement that HMRC is delaying the provision of data that will enable pension schemes to confirm the GMP benefits to pay to members until towards the end of the year Matt Davis, Head of GMP Equalisation, Hymans Robertson said:

 “To equalise GMP, schemes need to know what records they actually hold. HMRC has the unenviable task of responding to queries on thousands of pension schemes with millions of records between them. The industry is not surprised to hear that HMRC needs more time here.

 “Pension schemes that may have the most problems with the delay are those working on transactions, such as buy-ins, or member option exercises. Uncertainty over data increases complexity and costs to schemes.

 “Some GMP equalisation projects may be held up whilst waiting for the final list of GMP reconciliation data from HMRC. The danger here, given the size of the task, is there may turn out to be further delays. Whilst plans will need to be flexible, schemes can be looking at the quality of the other data they hold and building understanding to help make the right strategic call around the overall choice of method.”

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