GMP equalisation – It’s time to get started
First Actuarial has simplified GMP equalisation into an efficient and cost-effective process, from what could easily have been a lengthy and expensive exercise.
It’s been a long time coming, but with no outstanding judgments or guidance holding us back, it’s time to get started on GMP equalisation.
Your journey to equalised GMPs starts with trustee training
Our simplified GMP equalisation process starts with a short training session, which counts as formal training on your trustee training log.
The training will give you a clear understanding of GMP equalisation and help you make the right decisions for your scheme at each step:
- Data preparation – Checking that your data is accurate and complete
- Method selection – Agreeing methods for past and future benefits
- Member communications – Keeping members informed.
We have published a recording of our training session, which will be available online, whenever you want to watch it.
Whether you missed the original live training session or want to watch it again at your own pace, register now to access the recording.
Now watch our GMP equalisation videos
These three videos will take you through the GMP equalisation process, starting with past payments, moving on to calculations for both back payments and equalised pensions, and concluding with the conversion approach.
Equalisation methods for past payments
In this short video, Wendy Handcock explains the different approaches that can be taken to equalising past payments and gives some simple examples to help explain your options.
Equalisation using dual records
In this video, Wendy Handcock compares the different dual methods that can be used to achieve GMP equalisation. She looks at calculations for back-payments to pensioners and equalised pensions for men and women using each of those methods.
GMP equalisation – The conversion approach
In this video, Wendy Handcock looks at the conversion approach to equalising GMPs. This can be used only for equalising future benefits. To calculate back payments, you'll need to use method B, C1 or C2, covered in our video 'Equalisation methods for past payments'.