GMP Equalisation – Government Signals the Way Forward
It has seemed obvious to us for many years that trustees and actuaries would eventually be required to end inequality within occupational pension schemes resulting from guaranteed minimum pensions (GMPs) accrued since 17 May 1990.
The Government’s statement by Angela Eagle on Thursday 28th January is an extremely welcome and sensible step. There is undoubtedly some detail to work through for individual schemes but at least now hopefully the industry can get on with it.
Spence & Partners have extensive experience as actuaries and as independent trustees of implementing practical methods of equalising GMPs.
Stand back though for the roars of anguish from the industry!
Brian Spence is a founder of actuaries Spence & Partners Limited and a director of independent trustee Dalriada Trustees Limited. You can follow him at @briandspence or @PensionsEndgame on Twitter or link to him on LinkedIn. Dalriada provides professional trustee services and Spence & Partners can provide support to employers in appointing an independent trustee. Brian has written a series of articles on appointing an independent trustee.
Follow @SpencePartners and @DalriadaTrustee on Twitter.
Posted in: Blog
Tags: Actuarial, Legislation, Pensions, Professional Trustees
Comments
Social comments and analytics for this post…
This post was mentioned on Twitter by PensionsEndgame: Goverment have sensibly pointed the way for GMP equalisation http://cli.gs/A89Qb...
[...] This post was mentioned on Twitter by Pensions Endgame, Pensions Endgame, Pensions Endgame, Brian Spence, Spence and Partners and others. Spence and Partners said: RT @ncopeland13: Carlsberg don't do pension complications, but if they did, they'd be the best in the world http://cli.gs/A89Qb [...]
[...] had an enthusiastic internal meeting today about how to deal with Angela Eagle’s welcome clarification about equal treatment (pensions consultants actually get a buzz out of dealing with complex [...]