Independent MP proposes private member’s bill on GMP conversion

Independent MP, Margaret Ferrier, has proposed a private member’s bill to amend and clarify existing guaranteed minimum pension (GMP) conversion legislation.

Introducing the bill to the House of Commons last week, the member for Rutherglen and Hamilton West said the bill was chosen to try and help “reassure occupational pension schemes that they are able to use the methodology published in Department for Work and Pensions (DWP) guidance to level the effective differences between pension amounts paid out to men and women”.

Private member’s bills are introduced by 20 MPs that are drawn from a ballot each parliamentary session, with those drawn given the opportunity to bring forward legislation on a topic of their choice.

Ferrier continued: “Historical inequalities of treatment between men and women in the pension system have long resulted in uneven amounts being paid out as GMPs in occupational pension schemes to men and women.

“This bill will begin to rectify these persisting issues.”

LCP partner and head of GMP equalisation, Alasdair Mayes, said the introduction of the bill was “great news”.

“It has been known for several years that the GMP conversion legislation has some rough edges,” he stated.

“And survey after survey shows that GMP conversion, in some shape and form, is preferred by many as a means to equalise benefits for GMPs over the administratively complex ‘dual record’ approaches.

“Hopefully this bill will iron out the rough edges in the conversion legislation.”

    Share Story:

Recent Stories


Cyber Risk
In our latest Pensions Age podcast, Laura Blows discusses cyber risk with Aon partner Paul McGlone, and HSBC Pension Bank Trust (UK) trustee chief risk officer, Cheryl Payne.

A changing DC market
In our latest Pensions Age video interview, Aon DC senior partner and head of DC consulting, Ben Roe, speaks to Laura Blows about the latest changes and challenges within the DC sector

Podcast: Who matters most in pensions?
In the latest Pensions Age podcast, Francesca Fabrizi speaks to Capita Pension Solutions global practice leader & chief revenue officer, Stuart Heatley, about who matters most in pensions and how to best meet their needs
Podcast: A look at asset-backed securities
Royal London Asset Management head of ABS, Jeremy Deacon, chats about asset-backed securities (ABS) in our latest Pensions Age podcast

Advertisement Advertisement Advertisement