All guaranteed minimum pension (GMP) articles – Page 4
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News
New GMP guidance stops short of clarifying rules around conversion
New guidance on guaranteed minimum pensions has clarified the tax implication of equalising past inequalities between men and women, but critics have said it leaves unaddressed important questions for schemes hoping to convert GMPs into regular scheme benefits.
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Working group issues guidance on GMP equalisation data
On the go: Trustees of defined benefit pension schemes must make considered decisions about whether data they may need for guaranteed minimum pension equalisation is cost-effective to obtain, according to new guidance on the process.
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HMRC to issue GMP final ‘outdated’ data cuts in July
HM Revenue & Customs plans to provide defined benefit schemes with final guaranteed minimum pension data cuts by the end of July, despite confirming that some of this information might be out of date and unreliable for use in rectifying incorrect payments.
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NewsDWP steps in at Lloyds’ GMP past transfers hearing
Government lawyers have dealt a blow to trustees hoping not to have to apply guaranteed minimum pension equalisation to past transfers, branding the argument from Lloyds Banking Group in a high-profile court case “misconceived”.
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HMRC admits errors in GMP final data cuts
HM Revenue & Customs has admitted that the data it has asked defined benefit schemes to use for the calculation of members’ guaranteed minimum pensions is outdated, which is expected to further delay trustees’ costly efforts to reconcile data with the taxman.
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Ombudsman’s Royal Mail decision opens up Pandora’s box
The Pensions Ombudsman has upheld a complaint against the Royal Mail Statutory Pension Scheme for refusing to pay a deferred pension, providing a salutary lesson for employers who fail to keep adequate records.
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News
New guidance for joint GMP rectification and equalisation
On the go: Pension schemes considering combining their guaranteed minimum pension rectification and equalisation projects can now follow new guidance published by the cross-industry GMP Equalisation Working Group.
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OpinionTrustees cannot afford to ignore trans discrimination issues
Transgender rights are moving up the political and social agenda as increasing numbers of people identify with a gender that is different to that at birth.
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OpinionWhat HMRC’s guidance means for GMP in 2020
Conducting guaranteed minimum pensions equalisation is like assembling flat-packed furniture: just when you think you’re getting there you realise you’re missing half the screws.
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OpinionGMP equalisation: Was it worth it?
Equality is a noble principle. But try applying this concept to pensions and you get all sorts of complications and perverse outcomes.
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News
HMRC GMP equalisation guidance fails to address all tax issues
On the go: Long-awaited guidance on tax issues arising from the equalisation of guaranteed minimum pensions has failed to address key technical and tax issues, according to experts.
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News
BT appeal on guaranteed minimum pensions indexation dismissed
On the go: BT will have to extend the full indexation of guaranteed minimum pensions to certain members of its pension scheme affected by a government decision, after having its appeal dismissed.
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PodcastsPodcast: Vegan case flags importance of heeding members
Podcast: Trustees and employers should consult members on their beliefs, and incorporate the investment views of the majority in their pension default fund, according to Romi Savova, chief executive at PensionBee, and David Brooks, technical director at Broadstone. The experts discuss the impacts of a landmark ruling finding that veganism is a philosophical belief, alongside other topics, in this week’s podcast.
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News
HMRC delays GMP reconciliation final timeline again
On the go: HM Revenue & Customs has again declined to announce a new timeline for the guaranteed minimum pension reconciliation final data cuts, despite having promised that its next update would bring a string of delays to an end.
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News
GMP rectification facing further delays after HMRC announcement
The government’s delayed timeline for confirming payments due under guaranteed minimum pensions reconciliation will be published soon, HM Revenue & Customs announced on Thursday, as it attempted to put an end to long-running confusion over partial payments.
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News
PPF includes levy adjustment for GMP equalisation
The Pension Protection Fund will allow companies moving from a profit to a loss – due to the impact of guaranteed minimum pensions equalisation – to request an adjustment in their levy calculations.
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News
Ombudsman: DWP failed to explain GMP downgrade to members
The Department for Work and Pensions failed to properly communicate the detrimental impact that ending contracting out had on increases for individuals with a guaranteed minimum pension, the Parliamentary and Health Services Ombudsman has concluded.
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News
ACA: Widespread indecision over complexity and cost of GMP equalisation
On the go: The complexity and cost of equalising guaranteed minimum pensions is a major concern for many employers, who have yet to decide on how they should respond to the legal requirement to act, according to Association of Consulting Actuaries research.
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News
Opperman urges schemes to ‘act now to equalise GMP’
On the go: Guy Opperman has called on pension schemes to take immediate action to equalise guaranteed minimum pension payments.
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News
Guidance on GMP equalisation methodology published
On the go: Guidance outlining the methods that schemes should use to equalise for the inequalities of guaranteed minimum pensions has been published by the GMP Equalisation Working Group.