Pensions - Articles - Hymans Robertson comment on GMP Equalisation call to action


Commenting on the GMP Equalisation Working Group’s initial guidance for good practice in GMP equalisation, Matt Davis, Head of GMP Equalisation at Hymans Robertson, says:

 “The publication of this initial guidance will be a comfort for the industry as it reflects our experience on GMP equalisation that a range of positions are being adopted by different schemes in different circumstances. For those schemes that have been slower to take action the guidance provides a useful, high level, overview of the things they need to be considering. The industry as a whole, however, will be interested to see the follow up guidance paper on the relationship between GMP rectification and equalisation, particularly in light of the recent delay at HMRC on providing schemes with the data needed to enable rectification.

 “Despite the publication of this guidance there is still much uncertainty around GMP equalisation with different industry groups, including those with direct links to HMRC and DWP, working to different timescales. For example, today’s announcement highlights areas such as trivial commutation where clarification from HMRC would be welcomed by the industry. In our experience many schemes have stopped offering trivial commutation to members in cases where there is uncertainty over the tax position.”
  

Back to Index


Similar News to this Story

31 is the magic number for pension engagement
Many people actively engage with their pension by 35 and over a third (35%) started planning for their retirement before turning 30. Beginning pension
Lack retirement confidence as cost of living bites
New research from PensionBee reveals that September is a pinch point for household budgets, with rising bills leading many to reconsider their long-te
Professional trustee market matures but growth slows
LCP’s latest and fifth annual survey on the Professional Trustee and Sole Trustee market – LCP Sole Mates highlights that while growth has slowed in t

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.