Almost half of pension professionals expect DB schemes to miss the government’s GMP data deadline, according to new research.

New research conducted by EDM Group has found 49 per cent of people in the pensions industry believe most DB schemes will miss the April 2016 deadline, by which time they are expected to have accurate assessments of their members’ GMP rights.

EDM also found that just 23 per cent believe most schemes will meet the deadline, 11 per cent anticipate most schemes will miss it by up to three months, 12 per cent by up to six months and 26 per cent by up to and over a year.

As part of DB schemes’ responsibilities to administer ‘contracted out rights’ and ensure members are paid the correct GMPs, they are required to ensure their own data matches the records held by HMRC.

According to EDM, many of the DB schemes affected by the GMP changes are expected to struggle to meet the 2016 deadline because their information is “inconsistent and held on a variety of formats such as paper and microfiche going back several decades”.

EDM Pensions Data Services associate director Lee Foord said although many trustees might be putting off any kind of “decisive action”, ultimately, “it is their responsibility to ensure that the members’ GMP data is reconciled ahead of the deadline”.

“The irony is that despite the procrastination and fears, reconciling GMP data can be a much more straightforward and easier task than trustees realise,” Foord said.

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