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.”

Back to Index


Similar News to this Story

No retirement plan leaves you four times more stressed
Almost a third of people in the UK admit to having no plan for their finances in retirement (30%). People without plans are four times more likely to
Regulatory risk remains high on the list of schemes concerns
Aon has released the UK results of its ‘Global Pension Risk Survey 2025/26’, which highlights regulatory risk as a continuing concern for defined bene
PPF publishes latest PPF 7800 update for September 2025
This update provides the latest estimated funding position, based on adjusting the scheme valuation data supplied to The Pensions Regulator as part of

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.