Geraldine Brassett, Chair of the GMP Equalisation Working Group, commented: “Before planning how to implement equalising past transfers out for the effects of GMP, trustees will need to make a number of decisions. These options will influence both the scope of the project and the number of former members where a top up payment is due. Some of the decisions will also have the potential to impact the administration aspects of the project.
The guidance is comprised of a checklist that has been designed to detail the questions which require trustee consideration and their administrative implications. We hope both trustees and administrators will find the checklist useful to inform discussions, capture the decisions made and provide an audit trail for the future.”
The ‘GMP Equalisation checklist for past transfers out’ can be found here.