GMP reconciliation as part of a buy-in requirement

Pensions & benefits Pensions data services Pension risk transfer GMP equalisation

Getting data buy-in ready with a GMP reconciliation

The background

During 2012, a scheme that we provided administration services to decided to go for a full buy-in of all its deferred and pensioner members. One of the transaction requirements was that GMPs had to be fully reconciled with HMRC within 12 months.

Our solution

Dedicated resource was made available from the existing administration team and together with the support of the specialist GMP team, an initial comparison report was run against the data on shared workspace and the Scheme’s data.

The issues identified were grouped and resolved in bulk, including changes to surnames that HMRC were unaware of.

We engaged with the Trustees regarding key decisions that they needed to make and the impact of their decisions, such as agreeing a tolerance level and the impact on pensions in payment.

The results

The Scheme’s GMP data was fully reconciled with HMRC’s records within the 12 month deadline. The Trustees were able to complete the buy-in transaction within the agreed timescale with the insurer.