Guaranteed minimum pension (GMP) health check - ITM

Guaranteed minimum pension (GMP) health check

Whether you’re stuck on rectification or pushing on with equalisation, our GMP health check can help you understand and plan the next steps of your GMP project.

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What is a GMP health check?

Our GMP health check is a quick way to identify any issues with your GMP project, sense check what you’ve done so far and plan the next steps. In essence it’s an assessment that will:

  • Identify the members in scope
  • Calculate the financial impact of either rectification or equalisation on individual members’ benefits (over or under payments due to date)
  • For equalisation, identify where the gaps and weaknesses are in your data
  • Provide access to our interactive dashboard that enables you to drill down into the detail of your data

Wherever you are in your GMP project our health check will provide a fast assessment of your data that will inform your decision making and help maximise efficiencies.

We can help you identify members in scope, the financial impact and your data readiness.

Why do I need a GMP health check?

We understand GMP projects and have worked with hundreds of schemes on theirs. We found schemes get delayed at different points and need key pieces of information to help maximise efficiencies and plan resources. Whether you are ready to tackle GMP equalisation or still need to complete rectification our GMP health check is a fast way to:

  • Understand the member and financial impacts so you can make informed decisions
  • Support project planning and resourcing
  • Assess where to realise efficiencies in data preparation
  • Independently review current progress and standards
  • Get your data loaded on to our data management platform

Access to our interactive dashboards lets you drill into the data and focus your attention on the areas that matter most.

How do I know if I need a GMP health check?

It might be that your GMP project is in hand and progress against your project plan is running on time and without a hitch. That’s great news! Of course, a quick independent review can provide you with added assurance.

However, if you have outstanding queries with HMRC, want to understand the financial impact of payments, would like to consider the future admin requirements of equalised benefits or want to maximise efficiencies in data preparation – book your GMP health check now.