The impact of guaranteed minimum pension (GMP) equalisation extends to transfers out of pension schemes and potentially includes those cases which have already been redressed. Rectifying these cases to equalise pensions between men and women is complex – the calculations require understanding of the original scheme benefits as well as a suitable basis for calculating the loss.
Following the Lloyds court judgment in October 2018, pensions schemes have started work to equalise GMPs. A further judgment, due Summer 2019, is expected to provide further clarity on which cases will need further redress.
How can we help?
TCC is well placed to help firms in preparing for and implementing GMP equalisation solutions. As experts in regulation and conduct risk, we have the tools and expertise to help firms resolve this issue, including:
- Pragmatic advice in approaching GMP equalisation
- GMP Equalisation workflow tool
- Tech-enabled data gathering process
- Assessment process for anticipating liability
- Calculation of redress
Why choose TCC?
- Tech enabled – our service is supercharged with the cutting-edge RegTech, driving efficiencies and saving firms’ money
- Human expertise – Expert actuarial function and talented associate pool for resourcing projects
- Remediation experience – Decades of experience conducting remediation projects for a diverse range of firms and regulatory legislation