GMP Equalisation - a minefield of change!
The High Court ruled in October 2018 that all Guaranteed Minimum Pension (GMP) benefits in UK pension plans must be equalised for males and females. We believe that this means over 80% of UK defined benefit (DB) schemes are impacted
Trustees will need to take action to rectify the inequality, and there are a number of different methods available to achieve this. This can be a minefield of change but more than half of trustees and employers expect to be paying pensions on an equalised basis by the end of 2022.
To support our clients in navigating GMP equalisation, we are running a GMP user group for those who wish to be involved. This will ensure that the screens and functionality we develop meets the needs of our clients and takes in to account how the system is being used in different scenarios. If you would like to join this user group, please get in touch at firstname.lastname@example.org
Automated administration software can help you navigate your GMP equalisation responsibilities to ensure a safe path to success. Choosing the right software is crucial to successfully delivering this in the right way. Pension Master is user friendly, reliable and flexible, with the potential to fully automate both administration and processing. This will allow you to have complete control over the correction of your calculations and boost productivity.
Let us support you and help you navigate the fog with Pension Master.