Our GMP Working Group was set up in Summer 2015, with an objective to identify, agree and implement a set of industry standards and guidance that will allow HMRC and scheme administrators to effectively complete GMP and Scheme Reconciliation Service (SRS) reconciliations in response to the cessation of contracting out in 2016. The Group has been extremely successful and is made up of individuals with expertise in public and private sector administration, legislative understanding and willingness to take on the big issues many schemes are struggling with.
The first phase of Guidance released in January 2016 included a call to action and step-by-step guide to why schemes should reconcile membership and GMP data with HMRC. PASA launched further Guidance in February 2016, starting with the link between reconciliation and rectification, and covering the support and information that trustees should expect from their administrator. It also considers whether there is a role for tolerance and how this differs between underpayments and overpayments, as well as possible member defences to recovery.
We are now looking to recruit further members to strengthen the Working Group as we approach the third phase of Guidance which will focus on the impact of trustee and employer decisions and what industry best practice looks like in terms of the governance and management of what can be large and costly projects. We would particularly welcome interest from those with experience in de-risking, actuarial and Independent Trusteeship.
The Guidance produced by the PASA GMP Working Group can be found here.