One of the solutions being considered by schemes in converting GMPs is to convert them into a normal scheme benefit.
But the problem with this, from a member's perspective, is that it will likely uplift the value of their pension, which could trigger an annual or lifetime allowance tax charge.
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In the meantime, the trustees of the Lloyds schemes are continuing to work on equalising the members’ benefits, and hope to start updating individual members in the summer of 2020.
maria.espadinha@ft.com
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