How long is too long to wait for GMP recalculation?

allofushere

I turned 60 in August and still am yet to receive a new calculation due to GMP. Is this normal? How long would anyone think is a reasonable time to wait?

Marcon

Without knowing where your scheme is in their GMP equalisation exercise, it's impossible to know - ask the administrators/trustees for an update. It could be several years (the complexities beggar belief, never mind the cost to the scheme of getting the work done), and the most likely outcome is your benefits won't change.

allofushere

At this stage. But I have been since August. I have phoned and escalated my case but still the same response.

dunstonh

As mentioned above, it varies across the administrators, but typically it is measured in multiples of months.

This is why it is usually recommended that you start the process around 6 months prior to wanting the pension to commence.

Marcon

https://forums.moneysavingexpert.com/discussion/comment/82176996#Comment_82176996

Not sure if your benefits are already in payment and you are waiting to hear the outcome of the scheme's GMP equalisation exercise? If that's the case, then the only sensible answer is, I'm afraid, wait and see. For the vast majority of pension scheme members (across all schemes impacted by the dreaded GMP issues), they will see no difference, or a difference of a few pence a year.

If on the other hand:

1. your scheme's Normal Retirement Date is 60
2. you started the application process months ago
3. you are waiting for your benefits to come into payment

that's a different issue. Please could you clarify? It would also be useful to know which scheme this is (there's normally no reason not to give the name of a scheme on this forum) - someone here might be familiar with it.