Implementing a Guaranteed Minimum Pension (GMP) Equalisation project will require more data than is needed for the day-to-day operation of a pension scheme.
The Pension Administration Standards Association (PASA) GMP Equalisation Working Group have published a guidance note to help trustees decide how to approach data collection. The guidance also sets out “best practice” approaches to dealing with common issues not addressed by the Lloyds High Court ruling.
So what can schemes do to ensure that they have enough data to carry out GMP equalisation?
Acting early will help both trustees and advisers to plan the equalisation project as some data issues may take some time to resolve.
- Preparing scheme data – acting early is key
- Guidance note key thoughts
- Next steps
We set out some key items for trustees to consider based on the guidance and possible actions to take.
Find out more through our briefing note below.
PASA guidance on GMP Equalisation – ‘When to rectify’
PASA has issued helpful guidance on four steps you should consider as trustees when planning GMP rectification and equalisation projects, to ensure you make the best decision for your scheme. For more information, take a look at our latest briefing note.Find out More
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