Equalisation calculations are complex and require many data components to ensure accuracy. Our targeted analysis identifies inaccurate or missing data essential for these calculations. With these issues addressed members can be equalised more efficiently.
Additional data requirements
In order to carry out GMP equalisation, you’re likely to need more detailed data than is typically used for your day-to-day administration. Examples include full contracted-out earnings data to calculate GMP accrued specifically over the equalisation period 17 May 1990 to 5 April 1997. As well as the pension given up for cash lump sum solely in respect of service between 17 May 1990 and 5 April 1997.
Scheme level data
Detailed scheme level data is required including historic factors like those used for early retirement, late retirement and commutation – going all the way back to 17 May 1990, alongside information on administrative practices such as anti-franking.
Member data updates
Additional data items will need to be stored e.g. additional tranches of pension in respect of service post 17 May 1990, opposite sex elements of pension.
How can ITM help?
GMP equalisation is complicated. We’re experts at this puzzle, we can help you.
- An equalisation data-ready assessment
We can work with your in-house team or third party administrator to carry out an assessment to determine whether your data is GMP equalisation ready. This will give you an independent assessment of your data readiness including a data ready score.
- Materiality calculations to identify those members likely to be most affected by GMP equalisation. This enables data work to be focussed on these members – increasing efficiency and reducing costs.
- A comprehensive data cleanse plan to identify what cleansing/additional data would be required to accurately calculate GMP equalisation corrections.
- Implement the data cleanse plan including the calculation of the additional GMP equalisation data elements.
- Monitor progress using our data assessment tool to monitor the success of the data cleanse plan.
- Member tracing using our specialist team to locate your members, update your records and provide ongoing monitoring to keep your data clean.