The GMP Equalisation Working Group (GMPEWG), chaired by the Pensions Administration Standards Association (Pasa), has published new guidance on the administration implications of past transfers out.

The document provides a checklist of generic questions requiring trustee consideration and their potential administrative implications, and is designed to be used to inform discussions, capture decisions made, and provide an audit trail for future.

Key areas highlighted by the guidance include the treatment of non-statutory individual transfer values, deciding on an appropriate interest rate, and transferring schemes that have paid bulk transfer values.

Commenting on the new guidance, GMPEWG chair, Geraldine Brassett, explained that trustees will need to make a number of decisions before planning how to implement equalising past transfers out for the effects of GMP.

She stated: “These options will influence both the scope of the project and the number of former members where a top up payment is due. Some of the decisions will also have the potential to impact the administration aspects of the project.

“The guidance is comprised of a checklist that has been designed to detail the questions which require trustee consideration and their administrative implications.

"We hope both trustees and administrators will find the checklist useful to inform discussions, capture the decisions made and provide an audit trail for the future.”

The document is the latest in a string of guidance from the GMPEWG, including recent 'FAQ' guidance on the broader GMP equalisation process, anti-franking guidance, and an updatedmember communications guide.

Share Story: