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.”

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