UK professional services firm Aon has advised pension schemes not to wait for government guidance about the additional costs of guaranteed minimum pensions ( GMP ) and benefits available now . In a survey , the firm revealed 80 % of firms had estimated the GMP liability increase , but only 5 % had a fully implementable plan . Separately , a Willis Towers Watson study said 78 % of firms were looking at converting benefits into other benefits , while 57 % of firms said up to two years was needed for benefits .
UK professional services firm Aon has warned pension schemes not to wait for government guidance about the additional costs of guaranteed minimum pensions (GMP) and begin preparing now. In a survey, the firm revealed 75% of respondents had estimated the GMP liability increase, but only 5% had a fully implementable plan. Separately, a Willis Towers Watson study said 78% of firms were looking at converting GMP into other benefits, while 57% of trustees said up to two years was needed for equalisation.