Guidance on the use of the Guaranteed Minimum Pensions (GMP) conversion legislation

Date published: 08 July 2019

Equalising pensions for the effect of unequal Guaranteed Minimum Pensions.

Guidance to assist occupational pension schemes on the use of the Guaranteed Minimum Pensions (GMP) conversion legislation.

This guidance sets out how the GMP conversion legislation might be used to resolve the GMP inequality issue. It is in line with similar guidance produced by the Department for Work and Pensions.

HMRC may also provide guidance to reflect the tax position for equalised schemes.

The intention is to update the guidance from time to time to reflect any changes to legislation that take place in the future and any material developments in case law.

Consideration is being given to further changes to the GMP conversion legislation to clarify certain issues.

In general, Northern Ireland’s pensions policy and legislation operate in line with Great Britain, and there is, in effect, a single pensions system across the UK. It is anticipated therefore that any changes will be introduced here, subject to the necessary Ministerial, Executive and Assembly approvals.

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