All Guaranteed minimum pension (GMP) articles – Page 6
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Features
Isle of Wight fund tackles 'problematic' data records
The Isle of Wight Pension Fund has implemented an improvement plan in relation to approximately 1,500 records containing “significantly problematic” conditional data, as it grapples with longstanding issues over member information.
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News
Civil service scheme overpaid pensioners by £22m
Pensioners of the Civil Service Pension Scheme have received historic overpayments of £22m and face reduced pensions to correct the mistake.
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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?
Gillian Hickey from Trafalgar House explores the many hurdles preventing small schemes from finishing their derisking journey, and outlines a strategy to navigate them successfully.
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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?
Spence & Partners’ Catrina Browne explains what schemes can do now to make guaranteed minimum pension equalisation easier further down the line.
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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 troubles faced by BHS and Tata Steel have thrust pensions into the spotlight for the burden they can pose to employers, but can benefit cuts be justified? Duncan Buchanan gives his thoughts.
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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
We are rapidly approaching the end of contracting-out in April 2016. Gillian Hickey at Trafalgar House says what schemes can do to meet the 2018 deadline.
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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.