XPS Pensions Group publishes on its website:
“XPS Pensions Group (XPS) has today launched EqualGMP, a service specifically designed to help trustees and in-house administrators with GMP equalisation. EqualGMP provides a robust planning, preparation and implementation service, ensuring pension schemes can effectively navigate the GMP equalisation journey.
Following the Lloyds Banking Group court case in 2018, all pension schemes are required to equalise benefits between men and women to allow for the unequal treatment of Guaranteed Minimum Pensions (GMPs). For many schemes and employers this has been an unwelcome change that has introduced uncertainty, complexity and an additional burden and cost on running a pension scheme.
EqualGMP is a new service helping schemes achieve the best possible outcomes from GMP equalisation. The service enables pension schemes to improve their member data, simplify their wider benefits, offer the opportunity to introduce new options to members and provide a clear path to long-term objectives. It starts with a preparation phase of five key steps, which together will ensure schemes are prepared to deal effectively with GMP equalisation and make the most of that journey.”
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