If you’ve read the recent guidelines on GMP equalisation you may be a bit unsure as to your requirements as a scheme owner.
The equalisation requires the levelling of benefits and payments of monies for female pension holders to those of male pension holders.
This affects anyone who had a pension with you between 17 May 1990 to 5 April 1997. Or as The Commons Library words it – The position of successive governments – following decisions of the European Court of Justice, since reflected in UK law – has been that pension schemes “are under an obligation to equalise overall scheme benefits accruing from 17 May 1990 including, in respect of accruals from 17 May 1990 to 5 April 1997, any inequality resulting from the GMP rules, where an opposite sex comparator existed in the scheme.”
This may affect your current clients but also historical clients who have already left your scheme. Finding clients who fall into these categories can be challenging as you may have had no contact for several of years. This is where mypensionID, with the help of our sister company Target can help. Together we can find and verify individuals to ensure that you are able to comply with the new legislation and guidance.
To find out more about how we can help, contact us via our get in touch form.
You can find out more about GMP equalisation here https://commonslibrary.parliament.uk/research-briefings/cbp-8427/
