John Cormell and Richard Gibson explore the issue of guaranteed minimum pension (GMP) conversion.
Looking ahead to the 31 March 2019 year-end, most companies reporting are currently looking at a broadly unchanged IAS19 funding position. The average funding level in our most recent survey was 96%, and this is likely to stay around this level.
From Barnardo’s and BT to Superfunds via GMP – Head of Pensions Research, Tyron Potts, maps out an ‘A - Z’ of everything you may have missed in world of pensions this winter.
A few weeks post-Lloyds and we’re taking the finer points of the ruling as read - lots to do, or not do, legal advice to take, or not take, transfer values to suspend, or not suspend – a catalogue of unknowns that are raising trustee frustration levels up and down the country. Julie Walker, Associate, considers the problems trustees face after the Lloyds ruling.
So after 28 years of uncertainty, the Lloyds Bank case judgment released on 26 October 2018 means we all now know what we need to about GMP equalisation – right? Hmmm.
With the results of the Lloyds Bank case expected next month, GMP equalisation may become a reality for many schemes in the very near future. It is important to anticipate the implications this may have for companies’ year-end accounting.
To date GMP equalisation has primarily been carried out for schemes buying out or transferring to the PPF, with ongoing schemes deferring the exercise. 2019 could be the year that all this changes and it will be important for schemes to get ready
It’s been a busy period for HMRC and there have been a number of recent developments in the Scheme Reconciliation Service (SRS) world, let’s take a look at some of the recent changes…
With the December 2018 deadline for reconciling GMPs looming, HMRC are seeing a massive increase in the number of SRS queries, so it's understandable that there may be a squeeze on their resources. But what impact will this have on the pensions industry?
HMRC announced on 5 August 2016 that they would not accept any new requests for new data to be provided through the Scheme Reconciliation Service (SRS), but what does this mean for the schemes that we administer?