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Pensions Bill

The amendment is concerned to ensure that, after GMP conversion, schemes do not find themselves in the position of retaining a liability in respect of the GMP. Obviously such an outcome would be quite wrong, as each individual member would already have received full value for their pre-conversion rights, including the GMP, in the award of their post-conversion benefits. One might say that it would be a ““double whammy”” on the scheme. I am happy to say that the existing draft legislation will not and could not lead to that outcome. The GMP will be converted into ordinary scheme benefits, and the GMP will cease to exist after conversion, making the proposed amendment unnecessary. I hope that is the reassurance the noble Baroness is looking for.