LCP welcomes HMRC announcement to issue GMP tax guidance
Pensions & benefits Policy & regulation Pensions tax
Alasdair Mayes, head of GMP equalisation at LCP said: “It’s great news that HMRC have confirmed that they will be publishing the first part of their guidance in December 2019. This is a complex topic and one for which guidance is much needed.
“There are some challenges to conversion under current pensions tax legislation, but it is good that that HMRC are still working to find solutions and help to provide some clarity. It’s important that HMRC keep up the work on this because their guidance will be a critical factor in helping schemes choose the best method to adopt for equalisation.
“We are finding that many schemes are still trying to understand their GMP options and are still in the process of gathering the vital data they need to complete the task.”