Stealing a lyric from the man in black, our specialist GMP team is encouraging trustees to walk the line between GMP rectifications and wider benefit audit projects. It is important they understand the difference between the two and avoid a reasonably simple process becoming unwieldy and expensive.
The proverbial Lord Mayor’s show is over; the end of contracting-out has finally come and gone. So what now? Well, schemes with changed benefit design may be cancelling their contracting-out certificate and this means they will have to adopt a different approach to GMP reconciliation.
Chinese New Year, the Budget, the Six Nations, Easter and the Cricket T20 World Cup have all come and gone already in 2016. Something else that’s been with us for a long time has also finished . . . rest in peace contracting-out.
Chris Tagg, Associate and Head of the Administration Team discusses GMP Reconciliation and Rectification with PMI TV.
The Pensions Administration Standards Association have launched guidance relating to Guaranteed Minimum Pension (GMP) reconciliation and rectification projects.
Like Bogart and Bergman’s feelings for Paris, perhaps more than a few of us thought we’d always have contracting-out. We won’t and it shouldn’t be news to you that contracting-out is being abolished from 6 April 2016.
Following the recent forums held by the HMRC in Edinburgh, Leeds, London and Newcastle to discuss macro issues relating to the end of contracting-out we look at the outcome and the next steps.
Baroness Ros Altmann, recently chaired a meeting to inform the pensions industry, about changes to the way DWP will communicate with members approaching State Pension Age and those who enquire about their State Pension entitlement...but how will we COPE?
The National Insurance Services to Pensions Industry publish a regular guide to the industry on the end of contracting-out. Here, I highlight some of the key topics up for discussion in their latest issue.
Has the urgency for the completion of GMP reconciliations been recognised in the industry and will we be ready when HMRC wind up their support for contracted out schemes in 2018?