7 days


7 Days is a weekly round up of developments in pensions, normally published on Monday afternoons. We collate this information from key industry sources, such as the DWP, HMRC and TPR.

In this 7 Days

New Pensions Minister appointed

Torsten Bell, the MP for Swansea West, was appointed Parliamentary Secretary in HMT and Parliamentary Under Secretary of State in the DWP on 14 January 2025. He replaces Emma Reynolds, who is now the Economic Secretary to the Treasury.

TPR updates pension scams leaflet

TPR has updated its pension scams leaflet, which trustees should send to members along with annual benefit statements and in response to transfer requests. The leaflet now has the “Pension Scams Action Group” branding but retains the four-step approach to scams.

Draft GMP Increase Order 2025 published

The draft Guaranteed Minimum Pensions Increase Order 2025 has been laid before Parliament. This Order specifies 1.7% as the percentage by which that part of GMPs attributable to earnings factors for the tax years 1988-89 to 1996-97 is to be increased from 6 April 2025.

TPO determination – Mr N (CAS-71351-P8X2)

TPO has partially upheld a complaint relating to, among other things, the timing and communication of a trustee’s GMP equalisation and rectification project.

On the facts, TPO’s view was that the scheme’s equalisation project had not, at that point, been unreasonably delayed. However, as the trustee had agreed to keep Mr N updated on the progress of the GMP equalisation project but had failed to do so, TPO awarded Mr N £500 for distress and inconvenience.

This case highlights the importance of good communication, especially where trustees have agreed to keep a member updated on progress. It is reassuring to see TPO acknowledging that GMP equalisation and rectification projects are difficult and complicated and take a reasonable period to implement.  See our case summary for more details.