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Setting your strategy for GMP equalisation

Retirement
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By Neil Tooth , Richard Akroyd and Phil Titchener | October 11, 2019

The choices that trustees make with regards to GMP equalisation, including whether to convert GMP benefits to alternative scheme benefits, could have a significant impact on scheme administration and pensions operations.

The primary goal in GMP equalisation is to pay correct, equalised benefits to members and, where necessary, to make any back payments that are due. At the same time, some schemes may use GMP equalisation as an opportunity to simplify member benefits and administration. Identifying early what a successful project looks like for you and by when you want to implement will help ensure the project runs as smoothly as possible. The choices that trustees make with regards to GMP equalisation, including whether to convert GMP benefits to alternative scheme benefits, could have a significant impact on scheme administration and pensions operations.

Keep or convert?

One of the fundamental decisions required as part of the GMP equalisation process is to decide whether you will keep or convert GMPs as part of your GMP equalisation project. There are a variety of reasons why you may choose to either keep or convert your GMP. These include ease of administration, member experience and the long-term journey plan for your scheme.

For more information on the key factors, click on the link below. To explore your options in more detail, please contact your Willis Towers Watson team.

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Contacts

Neil Tooth
Director, Retirement

Phil Titchener
Head of Pension Data Solutions

Richard Akroyd
Senior Director, Retirement

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