About GMP

The government is ceasing DB contracting out from April 2016

They have advised that schemes have until 2016 to get the GMP records in order

Many schemes have put this on the back burner. I can only presume because of the complexity involved.

Failure to address these issues can cause significant issues. This can include the following:

1) Over or underpayment of GMP to members

2) Schemes holding GMP liability despite benefits being transferred elsewhere

3) Members being notified of GMP (in 2018) which differs to that held by the scheme. This could cause a number of complaints including maladministration

We have created software that can compare GMP data from HMRC with data from scheme.

Where the GMP data matches - this will be displayed on one worksheet

Where it differs on another.

It literally takes seconds to check a thousand records.

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