GMP conversion guidance published: a good first step?

On 18 April 2019, the Department for Work and Pensions (DWP) published guidance on using the existing Guaranteed Minimum Pensions (GMPs) conversion legislation to remove inequalities introduced by GMPs. Legislation permitting GMPs to be converted into ordinary pension scheme benefits was introduced in 2009, but has been little used to date. However, last year’s Lloyds case has thrown a spotlight on a number of questions around how GMP conversion would operate in practice.

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