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GMP working group
publishes new call to action

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Commenting on today's publication of a call to action from the Guaranteed Minimum Pension Equalisation Working Group (GMPEWG), Alasdair Mayes, Partner at LCP, said:

 “This high-level guide provides a useful reminder of some of the actions that can be taken now in a GMP equalisation project.  Despite the remaining legal and legislative uncertainty there is plenty for trustees and their advisers to be getting on with regarding data and establishing past administrative practices.

“Most trustees and scheme sponsors will be keen to see the more detailed guidance documents promised, some of which should be available in the early Autumn.  In the meantime there is an opportunity for them to make a strategic assessment of whether GMP conversion (Method D2 in the Lloyds jargon) is likely to be an attractive means to achieve equalisation and simplification at the same time.”