BN45 - Conversion of Guaranteed Minimum Pensions (GMPs)

Briefing Note posted on May 11, 2009

The Department for Work and Pensions (DWP) carried out a consultation exercise last year on draft regulations permitting defined benefit schemes to convert Guaranteed Minimum Pensions (GMPs) into ordinary scheme benefits. In January 2009, the DWP published its response to the consultation and the Occupational Pension Schemes (Contracting-Out) (Amendment) Regulations 2009 came into force on 6 April 2009.
This BBS briefing note summarises the new provisions.

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