Pensions - Articles - PASA announces creation of GMP Working Group

 The Group, which will be chaired by Matt Ashton-Smith, will include specialists from administrators, pension schemes and legal advisers and will work closely with HMRC. Matt was chosen to chair the Working Group because of his industry expertise on GMPs and his enthusiasm for improving the processes to achieve best outcomes. Alongside industry standards the Group will also consider thresholds – or the features to consider in deciding such thresholds - and seek industry and HMRC agreement. 

  

 Margaret Snowdon OBE, Chairman of PASA, said:

 “Administrators and trustees are under great pressure to reconcile GMPs in time for 2016 and the work is not always straightforward. By creating the Working Group, PASA will help ensure greater understanding of the processes, the systems available and any limitations or restrictions that apply. What might appear to be a small variation can have an impact on timescales and cost, so it is vital that there is a common understanding across the industry on what can be a complex and resource-intensive issue.”