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GMP reconciliation top of the trustee agenda but still not enough action, says PASA

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The Pensions Administration Standards Association (PASA), is urging schemes to move forward with their GMP reconciliation – while they still have time.

Geraldine Brassett (pictured), Chair of the PASA GMP Working Party, says: “PASAs GMP seminar in January was attended by over 100 industry professionals. A recent survey undertaken by Capita, launched last week, showed that over half of pension scheme managers and trustees (53.5 per cent) believe that the biggest challenge facing their schemes in the coming 12 months is GMP reconciliation. This very clearly demonstrates that not only does GMP reconciliation remain a big issue for many schemes but administration as a whole is still very much at the top of the trustee board agenda.
“What is clear is that there is still a huge around of work to be done and with time running short much more support and guidance from the industry is required.  We would urge both TPAs and in-house schemes to move quickly to take action. Our key messages at PASA are that it is never too late to get started but it is vital that those who have not yet got to grips with what is required take action soon because of the strong likelihood of intense pressure on resources. The Guidance sets out nine other reasons why Schemes should reconcile their membership and GMP Data with HMRC.

“In addition, simply accepting HMRC data as correct is not necessarily an easy option as a rectification exercise is still likely to be required, and when working with tolerances these must be carefully considered and Scheme Specific.
 
“At PASA we have continued to strive to ensure we are always equipping and empowering our member organisations – in-house and TPA – with the very latest developments, tools, techniques and education to help them better serve their clients, whilst at all times upholding the very highest standards in administration.  Our GMP Working Group has, to date, launched two tranches of guidance and will continue to monitor issues in relation to GMP reconciliation and rectification, publishing further guidance on new developments or specific issues when relevant.”

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