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09 May 2019

DWP preaches conversion but is it a holy route out of GMP inequality?

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Last month the Department for Work and Pensions (DWP) issued guidance about how occupational pension schemes could use existing guaranteed minimum pension (GMP) conversion legislation to address unequal GMPs.

The conversion legislation is not new but past uncertainty about how to address unequal GMPs meant that there was little incentive to adopt it. However, the spotlight is now back on conversion following last autumn's Lloyds Banking Group judgment, which confirmed that schemes must equalise benefits for the effect of GMPs and that one route for achieving this was GMP conversion.

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