The cross industry GMP Equalisation Working Group (GMPEWG) today published Guidance from its Administration sub-group focused on frequently asked questions during the equalisation process. The document is designed to help administrators implement GMP equalisation solutions by providing pragmatic guidance on good practice based on the collective view of the group.
Geraldine Brassett, Chair of the GMP Equalisation Working Group, commented: “This Guidance includes initial FAQs, which will be updated and added to over time as the implementation of GMP equalisation projects progress and different approaches and solutions emerge. This first instalment includes questions and answers on:
- Whether the ‘look-back’ approach in assessing crossover points is appropriate
- PAYE tax considerations on the payment of arrears and interest
- The practicalities of equalising death benefits
- Checking whether underpaid members receiving arrears or increases exceed the LTA
- The impact of GMP Equalisation on commutation
