Are GMPs getting you down? ‘Tis the season for a lighthearted view of a serious issue. We have set the history of GMPs to verse in our “GMPs Rock” poem, and invite you to reminisce with us.
All the best from the Squire Patton Boggs Pensions Team.
It all began way back in time, in Nineteen Seventy Five
The passing of a pensions act brought GMPs alive.
And in the world of pop music there was a whole new scene
The festive number one that year? A Rhapsody by Queen.
Contracting-out came into force in Nineteen Seventy Eight,
A certificate was needed, and everything was great.
The total savings on NI were really quite a gem.
The yuletide number one back then? A song by “Boney M”.
And then in Nineteen Eighty Five, we started anti-franking
For leavers from the first of Jan – yes really, we’re not pranking!
And on “Top of the Pops” that year, we had some festive fun
With Shakin’ Stevens singing “Merry Christmas Everyone”.
More changes came in Eighty Eight, new rights for widowed men
We thought the calcs were difficult – what did we know back then!?
But what was festive number one, and can we make it rhyme?
Oh yes! It was old-timer Cliff with “Mistletoe and Wine”.
The Barber judgment caused a stir – “pensions should be equal”.
But did it cover GMPs? The state made them unequal!
We didn’t like uncertainty, but didn’t want to moan
We tuned into a festive film – Kevin was “Home Alone”
Moving on to Ninety Seven, it was considered best,
To say “goodbye” to GMPs and “hi” to a new test.
The festive number one was by a group who did this thrice,
Hat’s off to Ginger, Baby, Sporty, Posh and Scary Spice!
The century came to an end with fireworks and fun
The year of the millennium brought hope for everyone.
But GMP equality did not move on one bit
Even Bob The Builder raised the query, “Can We Fix It?”
The single-tier state pension gave GMPs an exit,
But this was overshadowed by politics and Brexit.
Member comms were tricky – many didn’t understand it.
The yuletide number one that year? “Rockabye” by Clean Bandit.
But in October of this year the High Court gave a ruling
“Equalise your GMPs – even though it’s gruelling!”
So where does this leave us right now? What problems face the nation?
It’s not just sex equality, there’s reconciliation!
Trustees and their advisers are now eyeing-up conversion,
But at this festive time of year we all need a diversion.
We really hope our little poem has brought a bit of cheer.
We wish you peace and joy, and all the best for the New Year.