Late retirement of GMP after 2016

Jediirnbru

Hello

I have been searching for a while now to try and get some info on how GMP increments in Late Retirement will work post the changes coming to the STP in 2016, or indeed if there will be any changes.

Currently members of our scheme can take late retirement and providing they have put off retirement for more than seven weeks we would calculate what Late Retirements Increments are due to both pre and post 88 GMP and apply them to the pension and also inform HMRC.

Now my question. Or I hope so at least. It sounds like the new State Pension can be deferred but the minimum amount of time is 9 weeks. Does this have any bearing on GMP within our Scheme? Can members still get Increments applied to their GMP in a Company Scheme after just 7 weeks? I know the State Pension and GMP's are seperate so I'm really just wondering if anyone knows of any changes to GMP late retirement Increments after April 2016. Or do we just continue on as normal?

After April 2016 do we even need to send a Late Retirement Increment Form to HMRC (CA1597 form)?

I hope this makes sense to someone and thank you ever so much in advance.

xylophone

See https://www.gov.uk/nispi-pension-schemes-reconciliation-services

Contact NISPI?

Jediirnbru

Thanks for the link.

I'm currently working with NICO on getting all our GMP's reconciled using Shared Workspace and we're nearly finished! It never occurred to me just to ask them!!!! They should know.

Thanks again.