Commenting on today’s consultation ‘Guaranteed Minimum Pension Fixed Rate Revaluation,’  Matt Davis, Head of GMP Equalisation, says:

“Today’s release of the DWP Public Consultation on “GMP Fixed Rate Revaluation” proposes a ninth different level of fixed rate revaluation. The proposed change anticipates lower medium term wage growth than last time round. For schemes that are part way through GMP equalisation projects, it is important to factor in this potential change due in April 2022. As the industry knows all too well, GMPs can be very complex to administer. However, recent guidance can help schemes use GMP conversion to remove these complexities.”