The end of contracting-out: It's time to reconcile now

15 June 2015

Improving the way membership records are defined, retained and communicated

The end of contracting-out is finally on the horizon; its demise will break the connection between defined benefit (DB) pensions and state pension provision.

Reconciliation of contracted-out benefits and in particular guaranteed minimum pension (GMP) liabilities provides both schemes and HMRC an opportunity to radically rethink and improve the way membership records are defined, retained and communicated.

These opportunities were the main topics for consideration on the agenda of an Equiniti-sponsored roundtable discussion held at the Brewery in London in May.

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