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.
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:
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.
If you've already attended our GMP equalisation training and would like your own copy of our slides for reference, you can download them here.
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.
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.
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.
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'.
Concerned about the risk of an Employer contribution increase as a result of high liabilities, Trustees of the Kennel Club Pension Fund turned to First Actuarial.
“They’re extremely professional and helpful. Their input always seems sound, logical and well presented. First Actuarial handled the transition well, they provide us with helpful guidance, and have delivered what they promised when they pitched for the work.”
The RSPB was determined to minimise the impact of its new defined contribution scheme on employees, and appointed First Actuarial to support the transition and select a provider with strong ethical values.
“I would definitely recommend working with First Actuarial. Their consultants went over and above the call of duty to make sure the project progressed smoothly.”
Taking responsibility for care services previously provided by a local authority, Bolton Cares turned to First Actuarial for help in setting up a competitive and affordable DC pension scheme for its staff.
“They’ve been really helpful and professional throughout the project, and we’ll use them again if we need specialist advice.”
