PASA issues guidance on how to implement GMP equalisation

PASA has today issued guidance, drafted by the Equalisation Working Group, which outlines methods that schemes could use to implement GMP equalisation. The guidance also addresses some of the tricky issues that are likely to arise on most GMP equalisation projects including what to do about: past transfers in “no further liability” cases (i.e. where … Read more

Podcast: Pensions de-risking Ep2: Buy-outs and GMP equalisation

Listen to our latest pensions de-risking podcast (12 mins) as Rachel Pinto, Pensions Partner discusses the implications of GMP equalisation for pension scheme buy-outs with Uzma Nazir, Head of Origination Structuring, Pension Insurance Corporation. In the discussion, Uzma shares her views on: how buy-out insurers are approaching the issue of GMP equalisation how GMP equalisation … Read more

GMP conversion – a silver bullet?

Just before Easter, the DWP published its long-awaited guidance on GMP conversion. Since the High Court confirmed the need for schemes to equalise pensions for the effect of GMPs in the Lloyds Bank case in October last year, GMP conversion has been seen by many as the solution likely to be preferred by most schemes. … Read more

GMP equalisation – Beware the forfeit!

One of the more surprising elements of the decision in the recent Lloyds Bank case is that the judge, Justice Morgan, held that the payment of arrears that become due when a scheme implements GMP equalisation are not subject to a statutory limitation period on the basis that the claim is a claim for recovery … Read more