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Laying the foundations on GMP equalisation

Pensions Corporate Consulting|Pensions Technology
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By Neil Tooth , Phil Titchener and Richard Akroyd | November 1, 2019

Laying solid foundations is key to a successful GMP equalisation project.

The primary goal in GMP equalisation is to pay correct, equalised benefits to members and, where necessary, to make any backpayments that are due. This will require accurate member data and updated administration processes. The first step towards this is to perform an assessment of your scheme and member data. The output of this assessment will inform your strategy and provide you with a clear path on the data and administration process work required.

Reducing the backlog

Once full calculations have been performed, benefits being paid out to members will be accurate and correct. We recognise that our clients are keen to manage any potential backlog and one practical way of doing this is for deferred transfer values to be paid on an equalised basis, which extinguish all future liabilities within the scheme.

For more information on laying the right foundations for a successful GMP equalisation project, download the pdf below. To explore each of these steps in more detail, please contact your Willis Towers Watson team.

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Laying the foundations on GMP equalisation PDF .1 MB
Contacts

Neil Tooth
Director, Retirement

Phil Titchener
Head of Pension Data Solutions

Richard Akroyd
Senior Director, Retirement

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