Pensions & benefits
as part of a buy-in requirement
Getting data buy-in ready with a GMP reconciliation
During 2012, a scheme that we provided administration services to decided to go for a full buy-in of all its deferred and pensioner members. One of the transaction requirements was that GMPs had to be fully reconciled with HMRC within 12 months.
Dedicated resource was made available from the existing administration team and together with the support of the specialist GMP team, an initial comparison report was run against the data on shared workspace and the Scheme’s data.
The issues identified were grouped and resolved in bulk, including changes to surnames that HMRC were unaware of.
We engaged with the Trustees regarding key decisions that they needed to make and the impact of their decisions, such as agreeing a tolerance level and the impact on pensions in payment
The Scheme’s GMP data was fully reconciled with HMRC’s records within the 12 month deadline. The Trustees were able to complete the buy-in transaction within the agreed timescale with the insurer.