GMP Working Group publishes guidance on transitioning GMP reconciliation data

The Pensions Administration Standards Association (Pasa) GMP Working Group has published guidance on how to treat GMP reconciliation data during a transition to a new administration provider.

The guidance, which is designed to supplement broader GMP reconciliation guidance previously published by Pasa, looks at how the transition of administration between providers can be managed in a professional manner, prioritising the best interests of members and trustees.

Pasa noted that administration providers are increasingly being asked to undertake GMP projects as part of the services they provide, stressing that it is equally important that data and information for those projects is handed over to the new provider in any transition.

It identified a number of specific records that ceding administrators are required to hand over, including an audit trail covering any changes to data, information which allows calculations to be recreated in future if required, and a log of trustee decisions, or confirmation of where this information is recorded.

The guidance also pointed out that GMP reconciliations are often completed ‘off system’ using excel workbooks, stating that these workbooks should be handed over to the new administrator, as it would "not be sufficient" to only provide a report confirming the final position with no evidence showing how this position has been reached.

It also suggested that the ceding administrator should, if necessary, provide a document detailing the data held in the document and the significance of the data.

GMP Working Group chair, Geraldine Brassett, commented: “GMP reconciliations have been worked on for some time, and it’s imperative the workings, decisions and documentation surrounding the project are safely passed across to a new administration provider.

“It is acknowledged this may require discussion around intellectual property, which should form part of drafting and agreeing the scheme’s exit agreement.”

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