Making sense of GMP reconciliation

There's an abundance of communication surrounding GMP reconciliation from administrators, consultants and HMRC, however, much of this includes acronyms and terminology unique to the subject matter.

To help bring some clarity to the complicated process, we’ve put together a glossary of terms used in connection with GMP reconciliation, covering industry terms such as ‘SERPS’ and ‘CEPS’, as well as more contemporary terminology around the types of discrepancies found between scheme and ‘NICO’ records.  So now we all know what ‘not on NICO’ actually means and what to do about it.