Closed consultation

Occupational pensions: draft regulations, legislative review and Guaranteed Minimum Pensions equalisation methodology

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Original consultation

This consultation ran from to

Summary

A consultation on draft regulations, occupational pensions legislation reviews and a proposed methodology for ensuring equal pensions.

Documents

Occupational pension schemes draft regulations, occupational pensions legislation subject to review and a proposed methodology for equalising pensions for the effect of GMPs

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Annex B: Government Actuary's Department report: Fixed revaluation rate for Guaranteed Minimum Pensions

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Annex C: The Occupational Pension Schemes and Social Security (Schemes that were Contracted-out and Graduated Retirement Benefit) (Miscellaneous Amendments) Regulations 2017

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Annex D: Ten-stage possible process for resolving the GMP inequalities issue (for comment)

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Consultation description

Following the introduction of the new State Pension, salary-related contracting out was abolished on 6 April 2016. Legislation was introduced to enable trustees and managers to administer former contracted out schemes effectively . Further changes to that legislation are now needed to help improve scheme administration and provide clarity.

The consultation also deals with secondary legislation which has been introduced in the past where the department committed to review the provisions.

The consultation also seeks views on a new methodology for equalising pensions for the effect of inequalities caused by Guaranteed Minimum Pensions (GMPs), and potential changes to GMP conversion legislation that may be needed to enable equalisation to take place.