All Guaranteed minimum pension (GMP) articles
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NewsGMP communication failing costs Volkswagen scheme £500
The Ombudsman awarded a member of the Volkswagen Group Pension Scheme £500 in compensation for failing to keep them updated on GMP equalisation.
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Opinion
The General Code, TPR, and the great data challenge
Vidett client director Simon Lewis explores the requirements and challenges for trustees seeking to improve their pension scheme data.
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OpinionWhat have we learnt about data requirements for GMP conversion?
When the Lloyds judgment on equalisation of GMP was reached in October 2018, many schemes were initially drawn to GMP conversion.
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NewsDB schemes: Surge in retirement support for members says Aon
Defined benefit (DB) schemes are giving their members more information and support than ever when making key retirement decisions.
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NewsWhat pension schemes can do to cope with the capacity crunch
The capacity crunch industry experts have long warned of is now here, but there are still measures pension schemes and administrators can put in place to ease the burden.
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OpinionFor the love of GMPs
Former Editor, Maria Espadinha, now a senior policy advisor at the Pensions and Lifetime Savings Association, writes for Pensions Expert
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NewsTomkins Schemes complete £132mn full buy-ins
On the go: Two pension schemes sponsored by Gates Group, the Tomkins Schemes, have completed full buy-ins worth a combined £132mn with Pension Insurance Corporation.
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NewsHMRC clarifies tax treatment of GMP arrears
On the go: HM Revenue & Customs has set out the tax treatment for arrears and interest when equalising for guaranteed minimum pension, explaining the circumstances under which there is an obligation to deduct tax.
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NewsSchemes urged to seek GMP advice on past bulk transfers
On the go: Pension schemes that have paid bulk transfer values have been told to seek specific advice on how the Lloyds 2020 guaranteed minimum pension judgment affects those payments.
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NewsTimms demands changes to GMP factsheet after public’s criticism
Work and Pensions Committee chair Stephen Timms has written to the Department for Work and Pensions demanding that it update and properly publicise its “insufficient” factsheet on guaranteed minimum pensions compensation.
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NewsGMP conversion bill receives royal assent
On the go: A private members’ bill aimed at clarifying and streamlining the process of guaranteed minimum pensions conversion has received royal assent.
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NewsThird of schemes using GMP to improve member options
On the go: One-third of pension schemes are using the guaranteed minimum pensions equalisation process as an opportunity to improve member options, according to new research.
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NewsPLSA issues further clarification on HMRC’s GMP guidance
On the go: The Pensions and Lifetime Savings Association has posted a memo clarifying certain aspects of HM Revenue & Customs’ guidance on the tax treatment of guaranteed minimum pensions equalisation, looking specifically at the treatment of the interest element.
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NewsGMP guidance ‘helpful’ but ‘could have gone further’ on conversion
The government’s supplementary guidance on guaranteed minimum pensions equalisation was broadly welcomed by the industry as it could save trustees “time and money”, but some have cautioned that the section on conversion will make little difference without legislation.
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NewsHMRC to address GMP conversion tax issues ‘in the coming weeks’
The government has promised supplementary guidance on guaranteed minimum pensions conversion “in the coming weeks” and confirmed it is working on legislative changes, as the debate on the second reading of the pension schemes (conversion of GMPs) bill concludes in the House of Lords.
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NewsPASA covers crossovers, tax and death benefits in GMP guidance
On the go: The Pensions Administration and Standards Association has launched guidance tacking frequently asked questions around guaranteed minimum pension equalisation, including tax implications, death benefits, commutation, and the ‘look-back’ approach for crossover members.
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NewsLGA calls for 2025 dashboards deadline amid capacity crunch fears
The Local Government Association has called for the staging date by which the Firefighters’ Pension Scheme is to join the dashboards to be set back, arguing that it is not feasible to expect the scheme to join before 2025.
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NewsOpperman promises GMP conversion tax fix
On the go: Pensions minister Guy Opperman has clarified some of the provisions in a bill regarding guaranteed minimum pensions conversion, and pledged to work with HM Revenue & Customs on the tax implications.
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NewsHigh Court resolves Merchant Navy ill-health pensions conundrum
The High Court has approved a settlement over ill-health benefits in the Merchant Navy Ratings Pension Fund, which will see members compensated via lump sum arrears and increased pensions to those who had not been treated in accordance with scheme rules.
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NewsGovt confirms GMP revaluation rate after receiving only two responses
On the go: The Department for Work and Pensions will be lowering the guaranteed minimum pension fixed rate revaluation for early leavers by 0.25 percentage points, after its consultation into the matter attracted just two responses.