The report of the Director, West Yorkshire Pension Fund, (Document “N”) provides an update on the current position regarding the Guaranteed Minimum Pension (GMP) reconciliation exercise.

Recommended –

That the update contained in Document “N” be noted and the potential additional workloads anticipated from the Guaranteed Minimum Pension (GMP) exercise be acknowledged.

(Yunus Gajra – 01274 434266

Resolved –

That the update contained in Document “N” be noted and the potential additional workloads anticipated from the Guaranteed Minimum Pension (GMP) exercise be acknowledged.

ACTION: Director, West Yorkshire Pension Fund

The report of the Director, West Yorkshire Pension Fund, (Document “N”) provided an update on the current position regarding the Guaranteed Minimum Pension (GMP) reconciliation exercise.

The report detailed progress on the exercise to date and Members were advised that this was a long term process.  HMRC’s initial timescale of 31 December 2019 had been extended a number of times and it was expected that it would be again.  It was confirmed that WYPF was also undertaking the reconciliation work for Lincolnshire Pension Fund, Hounslow Pension Fund (at stage 3) and eleven of the fourteen Fire Authorities.

In response to questions it was explained that no funding was being received from HMRC to carry out the exercise.

Resolved –

That the update contained in Document “N” be noted and the potential additional workloads anticipated from the Guaranteed Minimum Pension (GMP) exercise be acknowledged.

ACTION: Director, West Yorkshire Pension Fund