Matt Davis

HM Revenue and Customs has extended the deadline for the issue of final reconciliation data cuts due to the coronavirus outbreak.

HM Revenue and Customs (HMRC) has announced it is delaying the provision of data that will enable pension schemes to confirm the guaranteed minimum pension (GMP) benefits to pay to members until the end of the year.

The cost of equalising guaranteed minimum pensions (GMPs) has been revised down by around £7bn, nearly half that of an initial £15bn estimate.