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Barnett Waddingham
0333 11 11 222
Now that contracting out has ended, all schemes will need to reconcile their GMPs with those held on HMRC’s records by December 2018.

From this date Scheme Reconciliation at HMRC resource will be drastically reduced, so it is being seen by the industry as a backstop for all reconciliation activity.

We have significant experience in helping trustees with GMP reconciliation exercises. We are able to help schemes with these projects as well as offering advice and assistance to in-house administration teams who are looking for professional support in a specialist area.

Want to know more?

Download our briefing note - The end of defined benefit contracting-out and GMP reconciliations

Some common questions we are asked

What is a GMP reconciliation?

GMP reconciliation is a project to ensure that the GMP liability on the scheme records agrees with that held by HMRC.

How long does a GMP reconciliation take to complete?

A GMP reconciliation project can be complex and take a significant amount of time to complete, typically in excess of 12 months.

How much work is involved?

The work required for a GMP reconciliation is difficult to predict as it depends on the nature and quantity of any discrepancies. A better idea of the work involved can be ascertained once an analysis of the initial information from HMRC is undertaken.   

What will it cost?

This will vary significantly from scheme to scheme. We will work with trustees to establish their schemes starting position for any reconciliation via a ‘State of Play’ report. Using this information we will help trustees identify the amount of work required to undertake the reconciliation taking into consideration their attitude towards cost and risk along with their tolerance for accepting variances in scheme and HMRC records.

“We believe that trustees are going to have to get used to the ‘4R’s’ approach to GMP reconciliation - Requesting • Resourcing • Reconciling • Rectifying”

Related knowledge and resources

Blogs

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    GMP equalisation – pity the poor trustees…

    A few weeks post-Lloyds and we’re taking the finer points of the ruling as a a catalogue of unknowns. Julie Walker, Associate, considers the problems trustees face after the Lloyds ruling.

  • Picture for GMP equalisation - actions for corporate sponsors
    GMP equalisation - actions for corporate sponsors

    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.

  • Picture for Accounting implications of GMP equalisation
    Accounting implications of GMP equalisation

    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.

  • 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.

  • Nov 9 2018
    How does GMP equalisation affect you?

    The high court judgement on the GMP equalisation Lloyds case has been handed down. Does it open the door to the opportunity of genuine pension simplification, or slam it shut? Join our webinar as we discuss what this means for trustees and sponsors;

    Location: Webinar

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