Simplifying the complex

Guaranteed Minimum Pension (GMP) equalisation may seem a daunting concept, but absorbing the requirements into your pension scheme doesn't have to be difficult or drawn out.

We simplify the complex by applying the combined power of our actuarial, administrative, data and communications expertise to make GMP equalisation easy for pension schemes to implement.

With more than 100 GMP exercises under our belt already, our team of experienced experts can help you manage your programme in a compliant, streamlined way, even as the pensions landscape shifts.

It's that breadth of experience that makes us so well placed to deal with any curveballs that might come your way: whether it's uncertainty over retirement benefits or missing salary details.

Download brochure
Female using laptop

Contact our experts

Getting ready - what can you do now?

So what can schemes do now? Actually there is quite a lot, but trustees should focus on these things:

 

Our approach

Support where you need it most

We believe that trustees should be able to tailor projects to fit the unique requirements of their schemes. Our modular approach to GMP means our specialists are there to support you when and where you need them most. For schemes administered in-house, we can even deploy our specialist staff on an interim basis – supplementing your existing teams and ensuring a continued focus on day-to-day administration.

Strategic GMP planning

Based on our knowledge of your scheme, we’ll take you through a personalised checklist to make sure you’re ready to move towards equalisation. Our consulting, administration experts and our legal partners provide a joined-up approach to provide:

  • Guidance notes
  • Scoping and population definition
  • Detailed project plan
  • Specialist insight

Data analytics and cleansing

We’ll analyse the scheme benefits and validate your data. We can assist in a wide range of data assessments and correction exercises, from tracing members to fixing systemic and individual data issues.

End-to-end project management

We ensure appropriate scheduling of change, combining reconciliation and equalisation exercises and providing coherent messages to members.

Calculation and application of redress

We have the expertise to cater for all forms of GMP equalisation. By generating estimated figures and back payments, we allow our clients to refine their strategic decisions earlier in the process, simplifying the decision making process.

  • Automation
  • Payments management
  • Treasury and reconciliation services

Communications

Clear, appropriate and timely member communications are critical. The scale of our communications expertise means we can meet even the most complex communications requirements to ensure a joined-up experience for your members, including:

  • Communications strategy and design
  • Production and mailing services
  • Mailings and response management
  • Digital delivery online, emails and SMS

New operational framework

We help you understand and address the impact of GMP equalisation on ongoing administration, including:

  • Pensions calculations
  • Letters
  • Processes
  • Pension increases
  • Benefit statements
  • Governance
  • Resourcing
“Clearly, projects to equalise benefits for the effects of GMP will be specific to each scheme but we can help schemes to effectively manage the process and provide the best service for sponsors, trustees and members.” Geraldine Brassett, Key Account Director at Capita and Co-Chair of the PASA GMP Equalisation Working Group

Further resources

Call for Action by industry group

A group of representatives from across the industry has issued a Call for Action by trustees and employers. The group is recognised by The Pensions Regulator and is made up of professionals from the administration, legal, advisory, actuarial, data and trustee sectors.
 

The background to the GMP

GMPs have been part of the pensions landscape since 1978 and, despite various attempts over the last decade to address equalisation issues, it is only now that we seem close to adding the final piece of the puzzle.

 

How can we help your organisation?

Explore our solutions

01

Pensions administration

No matter your size or sector, we take the pressure off your practical and regulatory pension administration burdens with our range of scalable services and holistic solutions.

Read more
02

Data tracing

Our data and tracing expertise can help you to be compliant, ensuring that your customers or pension scheme members, past and present, don’t lose out.

Read more
03

Atlas Master Trust

The trustee-led Master Trust represents the considered choice for employers who want their people to have the financial futures they choose. We offer a range of different investment funds to suit our members.

Read more