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HMRC launches consultation on GMP conversion tax changes


By Callum Conway

HM Revenue & Customs (HMRC) has launched a consultation on draft regulations designed to prevent pension scheme members from facing unexpected annual allowance tax charges as a result of guaranteed minimum pension (GMP) equalisation exercises.

The consultation, which closes on 13 July 2026, seeks views on draft secondary legislation that would amend the Finance Act 2004 to maintain existing annual allowance protections following GMP conversion


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Insurer competition driving ‘unprecedented’ buy-in pricing

Competition between insurers is driving ‘unprecedented’ buy-in pricing for UK defined benefit (DB) pension schemes, according to LCP

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DB funding surplus rises by £5.3bn in May

The aggregate surplus of defined benefit (DB) pension schemes in the UK increased by £5.3bn in May, reversing the reduction in surplus the previous month, the latest figures from the Pension Protection Fund (PPF) have shown

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Majority of young adults back early state pension access proposal

More than half (54 per cent) of younger adults support a proposal that would allow them to access part of their state pension early in exchange for delaying their retirement benefits, according to new research from the Social Market Foundation (SMF)

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Hampshire Pension Fund consults on investment strategy and ESG priorities

Hampshire Pension Fund has launched a consultation on its draft Investment Strategy Statement (ISS), setting out its investment priorities and responsible investment approach for the coming years

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Wealth at Work launches Retirement Guidance Service

Wealth at Work has launched its Retirement Guidance Service, aiming to help pension schemes and employers to support members approaching retirement

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Over four in five consumers turn to unregulated sources for pension guidance

Over four in five (83 per cent) consumers are turning to unregulated sources such as AI tools, social media platforms and online influencers for financial guidance, raising concerns about the quality of information being used to inform long-term retirement decisions, research from Zable has revealed

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Guided retirement likely to rely on 'partial information' about savers - PPI

Pension schemes and providers are likely to have to design guided retirement solutions using only 'partial information' about savers, according to new research from the Pensions Policy Institute (PPI)
Over four in five pension transfer amber flags not linked to high-risk investments

More than four in five (81 per cent) amber pension transfer scam alerts raised since November 2021 have been linked to either 'unknown' categories or overseas investment concerns, according to analysis from PensionBee, which has questioned whether current scam protection measures are causing unnecessary delays for savers
TPR urged to consider more ambitious and member-centred approach to Corporate Strategy

The Pensions Regulator (TPR) should adopt a more ambitious, inclusive, and member-centred approach to its Corporate Strategy, according to the Association of Member Nominated Trustees (AMNT)
Standard Life rebrands institutional investment platform

Standard Life has rebranded its institutional investment platform from Phoenix Corporate Investment Services to Standard Life Corporate Investment Solutions (CIS)

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M&G to add PruFund range to Scottish Widows Platform

M&G has agreed to make its PruFund range available on the Scottish Widows Platform, marking its first third-party platform launch
FCA proposes simplified climate reporting rules for investment products

The Financial Conduct Authority (FCA) has proposed simplified climate reporting rules for investment products, in a move it said could save investment firms around £20m a year


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