Incorrect recording of data can lead to overpayment of pensions. We can provide the expertise and the resources to help.
In April 2016, contracting out status for all UK Defined Benefit schemes, including the LGPS, will end. Following this, HMRC will be writing to all those individuals who will be affected by this change to clarify the Guaranteed Minimum Pension (GMP) they will receive and confirm who will be responsible for paying it.
Before this happens, all schemes will need to reconcile their GMP data against HMRC data to ensure liabilities are recorded correctly and to avoid overpayment of pensions.
The process of reconciling data will be a resource intensive task. LPFA can calculate the correct pension amounts quickly and accurately, identifying any over or underpayments that may have occurred.
Where Funds are struggling to find the time or resources to compete this work, LPFA can help. We have built up the expertise to make this a smooth and straightforward process.