Defined terms and links to relevant guidance


Defined terms

“AA”                             annual allowance

“A-Day”                      6 April 2006

“DB”                              defined benefit

“DC”                             defined contribution

“HMRC”                      HM Revenue & Customs]

“LTA”                            lifetime allowance

“PASA”                        the Pensions Administration Standards Association

HMRC guidance

There are potential tax issues in GMP equalisation and conversion – see below. HMRC has issued the following guidance:

PASA guidance

A GMP equalisation working group chaired by PASA is producing guidance on various aspects of GMP equalisation. So far it has published the following referable to GMP equalisation:

Further PASA guidance on past transfers, GMP conversion (including tax considerations) and anti-franking is expected.