Section 32 sudden change in GMP

Cluster

Hi, I have a "Section 32 buy-out plan" with a provider that was the result of a transfer from my employer's final salary scheme (20yrs), around 16yrs ago.
For several years I have received "updates" from the pension company advising me, effectively, that the Government have told the pension company that this plan must provide a GMP of XXXX on my retirement.
The figure for the GMP has not changed substantially over this time.

A recent letter from the Pension company has advised me that the plan must provide a GMP of 20% less that previously quoted. When I talked to the pension company about this, they pointed me to a letter from HMRC.

Is this a widespread reduction due to a change in government policy? I am shocked that such a change can be made so easily.....


Regards,

xylophone

they pointed me to a letter from HMRC.

Which said?
https://forums.moneysavingexpert.com/discussion/4413631 this thread might be of interest.

Cluster

Thanks for the response.

I don't know in detail what was said in the letter, I have asked for a copy to be sent to me. I will also get on to the sender (HMRC) to ask about the change.
Some mention of the period of employment being treated as one employment is made.

What questions may I reasonably ask of HMRC to justify this change?

xylophone

What questions may I reasonably ask of HMRC to justify this change?

You'll need to see the letter before you can ask any questions?

Cluster

Apologies, I should gather more info before I post asking what might be done...

I talked to HMRC who confirmed that they had been informed of some change to the details of the pension period by the pension company. My lack of understanding of what was being said leads me to believe that I should engage professional help to challenge/verify this change.

Thanks for your help.