HMRC has launched a Guaranteed Minimum Pension (GMP) calculation service to enable pension funds to receive instant GMP calculations for members.

The beta service is able to provide an instant GMP calculation for individual members, or a bulk calculation can be requested by uploading a CSV template. An email would then be sent when the result is complete.

Users will need a Government Gateway account for the Pension Scheme Online service in order to use the GMP calculation tool. For each calculation, the member’s scheme contracted-out number, national insurance number, first name or initial and last name will be required.

In April, contracting out ended, replaced by the new flat-rate, single-tier state pension, requiring pension schemes affected to provide a GMP to members for contracted-out service between 6 April 1978 and 5 April 1997.

The HMRC stated that it will continue to offer support to deal with any queries up until December 2018 under the Scheme Reconciliation Service.

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