Introduction
GMP rectification involves calculating and correcting data (and for pensioners, benefits in payment) for those members where the GMP reconciliation process resulted in a change in the GMP held by the scheme administrator. Prior to the Lloyds judgment, schemes would’ve undertaken GMP rectification once the GMP reconciliation was complete or nearly complete. The need, however, to also undertake a project to equalise benefits for the effects of unequal GMPs may result in schemes questioning whether to undertake their GMP rectification exercise as outlined above or defer this and combine it with the project to achieve benefit equality, referred to in this document as GMP equalisation. This is a scheme specific decision. The starting position should be that GMP rectification should be progressed in a reasonable timeframe. In cases where GMP rectification is delayed in order to combine it with GMP equalisation, the evaluation of the impact of doing so and the rationale for deferral should be clearly documented.
Publications
March 2020 – GMPE Rectification Guidance
Members
Geraldine Brassett – Chair (Capita)
Aled Edwards (Quantum)
Edward Hopkins (SAUL)
Jane Bailey (Willis Towers Watson)
Nathan Jones (ITM)
Andrew Linster (Mercer)
John Docherty (XPS Admin)
Owen McCrea (Barnett Waddingham)
Melissa Stanford (XPS Admin)