GMP newsletter for Local Authority Funds
Over and under payments resulting from incorrect GMPs need to be tackled before the April 2016 pension increase deadline – and the deadline is looming.
Funds need to do their utmost to make sure as many members who are post SPA or approaching SPA have correct GMPs before the next round of scheme pension increases. This means making a huge effort to reconcile GMPs and deal with over and under payments in the next few months. Achieving this will reduce the need for extra reworking later and so save costs. Pension Boards will need to review their policies regarding over and under payments and also consider the various ways of rectifying incorrectly split pensions.