Pensions - Articles - Hymans Robertson comments on GMP rectification guidance

 “The technical aspects of GMP reconciliation, rectification and equalisation won’t be front of mind for many in the pensions industry as business continuity plans kick into gear.

 “The industry will be pleased that further practical guidance has been released, which will help schemes consider whether to combine rectification and equalisation pension changes for members in different circumstances. Ultimately this is depends on circumstances rather than there being a blanket approach for the industry. The guidance also highlights that for many schemes GMP equalisation will take a few years.

 “Many schemes still need data from HMRC in order to reconcile GMP records against scheme records. These schemes then need to decide what to do if there are differences between scheme records and HMRC records, before rectification can be undertaken and PASA guidance can help with this.”