Pension: GMP members who contracted out of state pensions may be owed £32k - full details

“Pensions schemes will need a process to find, verify and get payments to each of them.

“As schemes review their business plans for 2021, it is vital to ensure getting GMP equalisation done is firmly on the agenda to get these back payments paid to members promptly.”

The new ruling, which occurred on November 20, will force companies to revaluate their pension pay-outs and at the time Ian Browne, a retirement planning expert at Quilter, explained the monumental challenge scheme managers are about to be faced with: “This is going to be a complete minefield as schemes will need to sort through the archives to find records up to three decades old.

“Having blown the dust off they will need to identify which scheme members would have benefited had GMP equalisation taken place when calculating their transfer value, and either reach out to those people to make them whole, or ensure that they can at least do so in the event of a claim.