People vs Technology

Aug 1, 2016

Get ahead with your GMP exercises using ITM’s technology-based approach which minimises the need for costly additional resource and time consuming individual file reviews! Our approach will allow you to continue with business as usual and at the same time deliver your GMP project.

This is how we are helping local authorities:

  • Carrying out reconciliations for over 20 LGPS authorities
  • Reviewing aggregate under/over payments position in the early Autumn using our financial projection technology

If you have still not decided what to do or how to tackle your GMP project, the 3 stages below will get you there – and to help you decide if people or technology will be best suited to deliver this for you.

Stage 1… comparisons

We know there are a number of authorities who have not yet carried out a full comparison of HMRC data with administration system data . ITM Stage 1 provides you with a full comparison of all anomalies. This technology focused approach allows you to turn around a full report for your Fund in 2-3 weeks. This gives you enough information to scope, plan and carry out Stage 2 internally if that is your preference. Alternatively you can use the ITM technology solution to carry out stage 2 for you.

Stage 2… reconciliation

The HM Treasury guidance provided in February 2016 has given our public sector clients the confidence that a ‘proportionate’ approach to GMP reconciliation is the right one. This leads to various alternatives, from full reconciliation using manual methods or a more technology focused approach. ITM has developed a unique technology based approach that uses a ‘delta’ method to deliver Stage 2. This will adjust all anomalies and provides you with the comfort of knowing there is a complete match between the administration system and HMRC. This solution significantly reduces time, effort and risk.

Stage 3… rectification of benefits

Having viewed the data from stage 2 you can assess the level of resource and cost involved for your staff to manually review the cases, calculate over /under payments and communicate with scheme members. Some authorities are planning to carry out pension corrections in time for April 2017 pension increases. Advice from the centre has been that as each Fund is its own financial entity, each Fund must make its own decisions about how to deal with these differences. So how can you achieve this? The answer lies in technology. The ITM solution will entirely eliminate the need for people to deliver this final stage of the exercise.

You don’t need to commit precious time from your pensions team to make progress with your GMP reconciliation.

David Ascroft

Business Development Executive

t / 020 7648 9098

e / davidascroft@itm.co.uk

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