The GMP equalisation Working Group (GMPEWG), established in January, published a call to action for schemes in stage one of the process – encouraging trustees to take action on equalisation now, even if not all the information is present. The three areas highlighted were:
understanding and progressing reconciliation and rectification
reviewing the quality of data needed
managing impacted transactions.
An important check on the list, of course, included cleaning and collecting data.
GMP equalisation is all about data. Additional data will be needed and existing data must be reviewed. Understanding the impact of equalisation on existing GMP rectification work, and those members most affected by equalisation, allows you to continue with any current projects, while prioritising resources and money. Not only is GMP equalisation compulsory, there’s likely a capacity issue in the industry. So although we’re waiting for further guidance, there is data work to be started now.