UK: Pensions – Can GMPs be converted into ordinary scheme benefits?
Following the judgment in the Lloyds Bank case you may be wondering whether it would be possible to convert your scheme’s GMPs into ordinary pension rather than looking to equalise for GMPs using one of the other methods that the Judge in that case held were permissible.
Although GMP conversion has been available for some years (having first been introduced under the Pensions Act 2007) there have been practical obstacles to its use, not least of which was that it was not clear whether schemes were required to equalise for GMPs before conversion. Those obstacles have largely been cleared by the Lloyds Bank case, and so we have set out in our special alert a reminder of the steps required to effect GMP conversion and issues that must be dealt with.
Click here for our special alert.