The Pensions Administration Standards Association (PASA), has urged schemes to move forward with their GMP reconciliation while they still have time.

The call comes after a recent survey by Capita showed over half of pension scheme managers and trustees believe the biggest challenge facing their schemes in the coming 12 months is GMP reconciliation.

Geraldine Brassett, chair of the PASA GMP working party, said: "The survey results show that not only does GMP reconciliation remain a big issue for many schemes, but administration as a whole is still very much at the top of the trustee board agenda."

Brasset went on to say, however, that there is still a "huge amount of work" to be done in a short space of time.

She said: "With time running short, much more support and guidance from the industry is required – we would urge both TPAs and in-house schemes to move quickly to take action."

PASA has some key advice for schemes, including getting to grips with what they need to do soon because of the strong likelihood of intense pressure on resources, and understanding that HMRC data may not be correct and may require rectification.

Brasset advises schemes that they should reconcile their membership and GMP data with HMRC, and ensure their actions are scheme specific.

She said: "At PASA we have continued to strive to ensure we are always equipping and empowering our member organisations – in-house and TPA - with the very latest developments, tools, techniques and education to help them better serve their clients, whilst upholding the very highest standards in administration.

"Our GMP Working Group has, to date, launched two tranches of guidance and will continue to monitor issues in relation to GMP reconciliation and rectification, publishing further guidance on new developments or specific issues when relevant."

First published 26.05.2016

Lindsay.sharman@wilmingtonplc.com