PRESS RELEASE 10 March 2015 PASA announces creation of GMP ...

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Mar 10, 2015 - thresholds – or the features to consider in deciding such thresholds - and seek industry and HMRC agree
PRESS RELEASE 10 March 2015 PASA announces creation of GMP Working Group The Pensions Administration Standards Association (PASA), the independent body dedicated to driving up standards in pensions administration, has today announced the formation of its industry GMP Working Group. The Group will identify, agree and implement a set of industry standards and guidance that will allow HMRC and scheme administrators to effectively complete GMP and Scheme Reconciliation Service (SRS) reconciliations in readiness for the cessation of contracting out in 2016. The Group, which will be chaired by Matt Ashton-Smith, will include specialists from administrators, pension schemes and legal advisers and will work closely with HMRC. Matt was chosen to chair the Working Group because of his industry expertise on GMPs and his enthusiasm for improving the processes to achieve best outcomes. Alongside industry standards the Group will also consider thresholds – or the features to consider in deciding such thresholds - and seek industry and HMRC agreement. Margaret Snowdon OBE, Chairman of PASA, said “Administrators and trustees are under great pressure to reconcile GMPs in time for 2016 and the work is not always straightforward. By creating the Working Group, PASA will help ensure greater understanding of the processes, the systems available and any limitations or restrictions that apply. What might appear to be a small variation can have an impact on timescales and cost, so it is vital that there is a common understanding across the industry on what can be a complex and resource-intensive issue.” ENDS Notes To Editors The Pensions Administration Standards Association (PASA) has been created to provide an independent infrastructure which will set, develop, guide and assess administration standards. PASA will act as a focal point and engage with industry and government to create protocols for understanding good administration - but also appreciates there is no one size that fits all. PASA will develop evidential accreditation practices which will allow benchmarking across and between the industry regardless of how the administration is being delivered.

As well as raising the profile of pension administration generally, PASA will focus on three core activities. 1. Defining good standards of pensions administration relevant to all providers, whether inhouse, third party or insurers 2. Publishing guidance to support those standards 3. Being an independent accreditation body, assessing the achievement of good standards by schemes (regardless of provider) There is no organisation providing such services across schemes, yet there is a demand for evidence of service quality from scheme trustees, sponsors, administrators, insurers, scheme members and regulators. Media contacts For all PASA media enquiries please contact KBPR using the details below:

Sarah Pryor 07815 425381 │ [email protected]

Mike Aylwin 07964 730537 │ [email protected]

Adam Sewell 07739 025528 │ [email protected]