Adrian Hartshorn
Senior Partner
On 26 October 2018, the High Court made a landmark judgment confirming that pension schemes were required to equalise male and female members’ benefits for the effect of guaranteed minimum pensions (GMPs).
Trustees therefore have to decide how to equalise members’ benefits and may also need to agree their approach with the Company. In most cases, the benefit adjustments will be quite small – but there could be significant individual exceptions. Some schemes will also want to combine their GMP equalisation project with the rectification of GMP following reconciliation with HMRC records.
Building on our experience of working on these projects since the original judgment, Mercer’s approach to GMP equalisation is designed to put people first and ensure that projects are executed in a way that is simple, agile and tracked for our clients and pension scheme members.
We offer a wide variety of services covering all aspects from strategy to detailed data checks, through calculations to communications, and can support GMP projects whether we are the Scheme Actuary or not, and whoever is the administrator for the Scheme.
We are delighted Mercer has chosen to work with Intellica to support their clients with GMP Rectification and GMP Equalisation. Through close collaboration, Intellica and Mercer have utilised their extensive expertise and experience to develop an intelligent software solution, tailored for this data challenge. This solution provides an exciting approach to the GMP data challenge, enabling an end-to-end solution for GMP rectification and equalisation.
Brendan Doherty, Intellica CEO
We understand that GMP equalisation is not something that everyone gets excited about, so our simple, agile and tracked approach has been developed in part to make the subject easier and more accessible.
Principal
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