Pensions - Articles - PASA launch additional guidance allowing for Anti franking


The cross industry GMP Equalisation Working Group (GMPEWG) today published supplemental Guidance allowing for Anti-franking when achieving GMP Equality. The GMPEWG is chaired by the Pensions Administration Standards Association (PASA). The Methodology sub-group previously issued Guidance in September 2019 which included a short section on anti-franking.

 Felicity Boyce, Chair of the Anti-franking sub-group and Consultant at Aon, commented: “Following requests from the industry, we have produced a supplement to the original Methodology Guidance which examines the interaction of anti-franking and GMP Equalisation in more detail. The Guidance explains why anti-franking is important in the equalisation journey, highlights the potential significance of the Later Earnings Addition and suggests approaches to deal with the key areas of uncertainty.

 There are three potential techniques for applying anti-franking for equalisation purposes which are explained in the document. These are:

 Ring-fence (90-97) Technique
 DWP 2012 (Whole of Service Mixed Sex) Technique
 Apportionment (Whole of Service Pure Sex) Technique

 The Guidance goes on to provide practical examples following the ‘ring-fencing’ technique, which we have designed to provide useful illustrations to schemes and their administrators.”

 The Supplemental Guidance on Anti-franking can be found here.

Back to Index


Similar News to this Story

Wish list for the occupational pensions industry in 2025
As one year closes and another begins, it's an opportune moment to set our sights on the future. The UK occupational pensions industry faces nume
PSIG announces outcome of Consultation
The Pensions Scams Industry Group (PSIG), which was established in 2014 to help protect pension scheme members from scams, today announced the feedbac
Transfer values fell to a 12 month low during November
XPS Group’s Transfer Value Index reached a 12-month low, dropping to £151,000 during November 2024 before then recovering to its previous month-end po

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.