All guaranteed minimum pension (GMP) articles – Page 6
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News
DWP to ‘investigate’ extending removal of member consent for bulk transfers
The government has made a number of changes to regulations that will allow bulk transfers without member consent to schemes that have never been contracted out, and has said it will look into whether the rules should also apply to non-salary-related schemes.
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News
GMP interim solution for public service pensions extended until 2021
The government has extended its interim solution for indexation and equalisation of guaranteed minimum pensions in public service schemes, and plans to look into the conversion method as an alternative during that time.
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Opinion
Bin or bring in – which laws are needed and which have to go?
Pensions Expert 20th Anniversary: We asked five experts to nominate one law or regulation they would scrap, and another they would introduce. This is what they said.
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OpinionWhy do well-funded small schemes struggle to reach buyout?
There are 1m members spread across 5,000 small defined benefit schemes, each with fewer than 1,000 members. Of this number, only a small fraction – around 9 per cent – are still active.
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News
DWP hopes contracted-out transfers will smooth BHS deal
The Department for Work and Pensions has published “urgent” regulations for struggling contracted-out schemes, in a bid to protect pensioners during deals such as the regulated apportionment arrangement of BHS.
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FeaturesInvensys attempts to reconcile GMPs delayed by HMRC
Slow responses from HM Revenue & Customs are delaying efforts by the Invensys Pension Scheme to reconcile guaranteed minimum pensions, the scheme’s trustees have told members.
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OpinionWhat a hard Brexit would mean for pensions
There is a lot of chatter about Brexit, but very little detail about what it will look like in practice.
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OpinionWhat's left to do on GMP equalisation?
The provision of guaranteed minimum pension equalisation guidelines had been in the government’s ‘too difficult’ category for some years, leaving schemes stalled. A set of draft regulations previously issued for consultation in 2012 was subsequently withdrawn for being too ‘onerous’.
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News
HMRC consults on GMP equalisation despite Brexit
The government has this week launched a consultation on the methodology for equalisation of guaranteed minimum pensions, indicating commitment to the issue, which goes back to EU law, despite the Brexit vote.
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FeaturesRexam reduces membership through commutation exercise
The Rexam Pension Plan has carried out a trivial commutation exercise, contributing towards a reduction in total membership as defined benefit schemes are trying to reduce costs.
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Features
DWP silence on GMPs blocks Smiths implementation
Two UK defined benefit schemes operated by technology company Smiths Group have said they will implement guaranteed minimum pension equalisation but need further clarification from the Department for Work and Pensions to do so.
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OpinionBuchanan: How to tackle zombie DB schemes
The Work and Pensions Committee enquiry into the BHS Pension Scheme, coupled with the fate of Tata Steel, once again shines the spotlight on defined benefit pension schemes for all the wrong reasons.
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News
DWP launches online tracing site as demand booms
The Department for Work and Pensions has launched a new website for the government's pension tracing service, as the number of people seeking their deferred pots has ballooned over the past decade.
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Features
GMP top priority this year but trustees could be missing the bigger picture
Respondents to consultancy Capita’s 'Pension scheme insight report' cited guaranteed minimum pension reconciliation, member communications and derisking as their main concerns for 2016, but experts say there are more acute challenges that schemes fail to address.
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News
LGPS to meet cost of GMP inflation proofing
A quirk in regulation could leave the Local Government Pension Scheme and several other public sector arrangements responsible for meeting the costs of inflation-proofing the benefits of members retiring between April 2016 and December 2018.
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OpinionThe GMP reconciliation deadline is fast approaching – how to get there if you’re late
With a large number of schemes calling on HM Revenue & Customs at the same time to complete their guaranteed minimum pension reconciliation, those that have not already started may struggle to meet the 2018 deadline. But is it too late?
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News
PASA guidance urges schemes to prioritise GMP
The Pensions Administration Standards Association has issued guidance on guaranteed minimum pension reconciliation to help schemes through the process, as experts predict huge volumes rushing to complete in the coming months.
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Opinion
Tax, cyber crime and covenant guidance: what to look out for in 2016
The pensions industry has had to deal with changes across many fronts in the recent past. 2015 was no exception, bringing proposals for Local Government Pension Scheme pooling, the introduction of freedom and choice and the beginning of re-enrolment.
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News
GMP reconciliation: Digging up the bodies
With the arrival of the new state pension and the end of contracting out, schemes have until 2018 to clean up their act on guaranteed minimum pensions data, but they need to get in the queue by April.
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News
GMP reconciliation to be major 2015 challenge for schemes
Pensions professionals have said guaranteed minimum pension equalisation will be their biggest project in 2015, a survey has shown, as the end of contracting out forces schemes to undertake exercises.