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Barnett Waddingham
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Briefings: GMP reconciliation

Lloyds: High Court rules on GMP Equalisation

The High Court has published its judgement in the case of Lloyds Banking Group Pension Trustees Limited vs Lloyds Bank plc (and others).

News on Pensions January/February 2017

In our latest edition of News on Pensions we bring you most recent news from The Pension Protection Fund, The Pensions Regulator and The Department for Work and Pensions.

News on Pensions December 2016

In our latest edition of News on Pensions we bring you most recent news from The Pension Protection Fund, The Pensions Regulator and The Department for Work and Pensions.

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Our Pension Administration Technical Help highlights pensions news and legislation that pays particular interest to what we do in Pension Administration.

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Our Pension Administration Technical Help highlights pensions news and legislation that pays particular interest to what we do in Pension Administration.

Making sense of GMP reconciliation

There's an abundance of communication surrounding GMP reconciliation, however, much of this includes acronyms and terminology unique to the subject matter. We’ve put together a glossary of terms, covering industry terms to help bring some clarity to this complicated process.

Current Pensions Issues Summer 2015

Our most recent quarterly newsletter on current and topical pensions issues includes the second Budget of 2015, new requirements for trustees of DC schemes, TPR's Funding Statement and an update on the end of contracting out.

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Our Pension Administration Technical Help highlights pensions news and legislation that has particular interest to what we do in Pension Administration.

The end of defined benefit contracting-out and GMP reconciliations

The option to contract-out of the State Second Pension (S2P) will come to an end in 2016 when the Single State Pension is introduced. Currently it is only possible to contract-out of S2P (previously SERPS) for schemes providing ‘defined benefits’ above a certain minimum level.

GMP reconciliation

When contracting-out ends in April 2016, HMRC will no longer track contracted-out rights and will issue closure schedules to schemes so they can compare these against GMP amounts held on scheme records. This is known as a GMP reconciliation.

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