Publication
Regulation Around the World: Open Finance
In this issue of Regulation Around the World we look at how regulators are developing their proposals for Open Finance.
Briefing paper on GMP Equalisation
United Kingdom | Publication | October 2023
On September 21, 2023, the House of Commons Library published a research briefing paper on Guaranteed Minimum Pensions (GMPs) equalisation. The briefing paper is a useful reminder and covers three main areas:
1. What GMPs are, and the requirement for schemes to provide them.
2. GMP equalisation and possible approaches schemes could take.
3. The Pensions Schemes (Conversion of Guaranteed Minimum Pensions) Act 2022, which came into force last year, with the aim of amending existing legislation relating to GMPs to:
- Clarify that the legislation applies to survivors as well as earners.
- Provide for a power to set out in regulations the conditions that must be met in relation to survivors’ benefits.
- Provide for a power to set out in regulations detail about who must consent to the conversion.
- Remove a requirement for schemes to notify HMRC when they carried out a conversion exercise.
Regulations to supplement 2022 Act are still awaited.
Partner
Email
lesley.browning@nortonrosefulbright.com
Recent publications
Publication
Singapore Court of Appeal rules on moratorium carve-outs and the interactions between arbitration and insolvency regimes
In Sapura Fabrication Sdn Bhd and others v GAS and anor appeal [2025] SGCA 13, the Singapore Court of Appeal made important findings
Publication
CORSIA: A market update
The Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) is now half way through its first phase of compliance, while the supporting regulatory frameworks constituting the building blocks for the CORSIA and Article 6 markets are incrementally being cemented in place and the market is developing fair mechanisms for managing key gap risks.
Subscribe and stay up to date with the latest legal news, information and events . . .