GMP Equalisation

Smaller schemes should be given more time to prepare data for the pensions dashboard while larger counterparts should be brought on earlier, this week's Pensions Buzz respondents say.

This week's top stories included a Freedom of Information request revealing more than 100,000 savers could face six-figure tax bills as a result of GMP equalisation.

Lloyds Banking Group secured 630,000 new pension customers last year, according to its 2018 annual results.

More than 100,000 savers face being landed with huge tax bills following tiny uplifts to their pension, a Freedom of Information (FOI) reply has revealed.

Royal Bank of Scotland (RBS) faces a £102m impact on liabilities as a result of equalising guaranteed minimum pensions (GMPs), according to its annual results.

The industry needs to step up efforts to ensure guaranteed minimum pension (GMP) equalisation exercises are completed in time, and in a cost effective way, according to Aon.

Holly Roach speaks to PASA's Kim Gubler about the year ahead, how technology is developing to help the industry and the benefits of the pensions dashboard.

Trustees do need professional help with member communications as suggested by the review into British Steel Pension Scheme case, this week's Pensions Buzz respondents said.

The cost of equalising guaranteed minimum pensions (GMPs) will be less than 1% of total scheme liabilities for over half of all schemes, XPS Pensions has found.

Panellists at a PP webinar discuss October's High Court judgment on GMP equalisation, how schemes have responded, what their strategies should be, and how the industry can approach it.