With the end of contracting out now less than one year away, we want to find out what lies ahead...
On 11 September 2015 I attended the Pensions Age Conference, where I gave a presentation on the “four Rs” of GMP reconciliation:
The full slides from the conference can be found on the Pensions Age website where I discuss:
- what is involved in a GMP Reconciliation;
- what issues trustees, employers and their advisers should be considering;
- what obstacles they will need to negotiate; and
- the support that is available to them
"Will we be ready when HMRC wind up their support for contracted out schemes in 2018? "
The presentation also looks into the vital questions that we need to be asking such as:
- will HMRC be able to cope with an inevitable last minute rush?
- what happens if HMRC can’t cope?
- what are the implications for members and how may their benefits be affected?
So what’s next?
Moving forward, trustees and employers need to start considering how much work is involved in reconciling your Guaranteed Minimum Pensions (GMPs) and ensure administrators can cope with any rectification work that might be required before getting stared.
There is certainly a lot to think about and whilst this presentation will not be able to provide all the answers, it will certainly scratch well beneath the surface of GMP reconciliation.