Occupational Pensions

(asked on 24th September 2020) - View Source

Question to the Department for Work and Pensions:

To ask the Secretary of State for Work and Pensions, what steps her Department is taking to ensure that employers are aware of the need to make pension equalisation payments to those people entitled to receive such payments.


Answered by
Guy Opperman Portrait
Guy Opperman
Parliamentary Under-Secretary (Department for Transport)
This question was answered on 29th September 2020

The Government published a consultation response discussing Guaranteed Minimum Pension equalisation methods in March 2017, and guidance on Guaranteed Minimum Pension conversion and equalisation in April 2019.

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/599457/government-response-to-occupational-pension-schemes-regulations-2017-and-related-issues-consultation.pdf

https://www.gov.uk/government/publications/equalising-pensions-for-the-effect-of-unequal-guaranteed-minimum-pensions/guidance-on-the-use-of-the-guaranteed-minimum-pensions-gmp-conversion-legislation

The Government believes that schemes have a requirement to equalise in respect of Guaranteed Minimum Pensions and it is something they have been aware of, and should have been planning for, for many years.

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