Pensions & benefits

GMP equalisation

Our clients' GMP equalisation projects are tailored to deliver exactly what they and their members need, in an efficient and cost-effective way.

Our multidisciplinary team has developed a clear six-step plan for GMP equalisation and our flexible GMP equaliser tool, to give clients confidence in a robust project focused on delivering value.

Chart your own course

Taking control of your journey

Our sixth annual report is built around the results of our annual survey of the DB pension scheme market and provides insights across a whole range of areas of DB strategy and endgame planning.

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Annual DB pensions conference

Balancing act

This year’s theme draws inspiration from the world of trapeze artists, jugglers and tightrope walkers – all masters of balance, much like those who manage pension schemes. Join our LCP experts and special guests as they skilfully navigate the ever-changing landscape of DB pensions.

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What's new in GMP?

We asked a selection of PLSA members and our clients how they were getting on with their GMP equalisation projects. We found that 75% have started their journey but fewer than 5% have finished it. In our update we share why we think this is the case and how to choose the right method for you.

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Clients benefit from our market-leading experience of delivering successful projects to determine the right approach for them, which depends on their membership, benefits, priorities and strategic objectives. Our powerful charts bring our analysis to life, helping clients to understand the uplifts for their members and make the best decisions.

Six steps to achieving GMP equalisation

GMP equalisation projects can be significant. Our six-step plan provides a clear path to completion.

Strategy
Data
Non-pensioners
Pensioner arrears
Future payments
Past members

Tailored advice to help make informed decisions

We have a wide experience of GMP equalisation, including all possible methods of implementation, working with insurance companies to agree an approach that is also acceptable to them, dealing with pensions tax implications and running projects in conjunction with other data cleanse exercises. We will make sure we agree on the best approach, delivering value to our clients and their members.

Integrated teams

Our specialist teams draw on a broad range of experience including from our Actuarial, Pensions administration, Data services, Pensions risk transfer, and Pensions taxation teams which, combined with experienced Project Managers, will deliver a holistic solution.

Bespoke GMP Equaliser tool

Our GMP Equaliser tool is integrated within our administration and actuarial systems. It can perform all the calculations required for GMP equalisation (and GMP rectification) arrears and then seamlessly undertake conversion calculations (if needed), saving our clients time and money.

Focusing effort on what will have the most impact

Data is important but the data needed varies between members. Our approach will help limit the challenges associated with incomplete or incorrect data and ensure your administration team’s valuable resource is prioritised effectively.