Reconciling your Guaranteed Minimum Pension data as part of your overall GMP project
Some schemes have been waiting for HMRC to issue 'Final Data Cuts' to compare their GMP records with HMRC’s records to check they align before signing off the GMP reconciliation.
We have significant experience with GMP reconciliation exercises, including agreeing scheme data with the Final Data Cut issued by HMRC, and HMRC’s online GMP tool (which sometimes provide different data to each other). We are also able to provide advice and assistance to in-house administration teams who are looking for professional support in this specialist area.
GMP reconciliation and GMP rectification are pre-requisite steps to GMP equalisation. Where these have not been completed, they should be considered together as part of the overall GMP project. We can help.find out more
What is a GMP reconciliation?
GMP reconciliation is a project to ensure 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 does 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.
For more information about the independent, expert services we provide in this area, speak to our team today.Get in touch