GMPs – a giant leap towards simplification?


It is clear from both the Government’s Green Paper published on 17 December 2002 and it “Action Plan” published on 11 June 2003, that it has been pondering what to do about simplifying guaranteed minimum pensions (GMPS) for some time now. On 17 October 2003, Andrew Smith (Secretary for Work and Pensions), announced “action to sweep away complex regulations in a move which will save business up to £16 million a year”. His announcement was also confirmed by Baroness Hollis who made a similar statement in the House of Lords on the same day.

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