Pensions - Articles - PASA announces second phase of GMP consultation

 Margaret Snowdon, Chair of PASA, commented: “' We are acutely aware that the time left for administrators to act before the cessation is beginning to run short and there is increasing pressure on administrators to analyse what their particular scheme(s) need to do, and to plan and deliver this work in time to meet the deadline. Over the last four months the PASA GMP Working Group has provided the strategic input and an in-depth analysis of the impact of the cessation of GMP in 2016 that we needed. We are very grateful for the time and effort freely given by the industry. The focus will now switch to outlining the actions required by administrators in order to meet the deadline and providing helpful support and guidance along the way. 

 “The strategic PASA Working Group will therefore now hand over to a smaller, operationally focussed GMP Working Party who are tasked with producing the guidance as quickly as possible. Some members of the Working Group will continue to provide review input to the guidance developed. This guidance will support administrators in effectively completing GMP reconciliations and will be available to members of PASA through the new PASA website (www.pasa-uk.com) before the end of the year. A high level summary will also be available to the public.”