Equalising pensions in line with the requirements of the Guaranteed Minimum Pension (GMP)

The High Court handed down an important judgement on equalisation of GMPs in the Lloyds Banking Group case which stated that benefits would need to be equalised. But equalising pensions in line with the requirements of the GMP can be complex: the complexities of the ruling, scheme specific benefit bases, multiple conversion methods and other variables make the entire process difficult to understand.

We simplify this process by applying our actuarial, administrative, data and communications expertise to make GMP equalisation easy for pension schemes to implement.  Our expert team supports with data cleansing, audit, reconciliation, rectification, normal retirement ages (NRA) analysis and member communication to ensure timely delivery and data backed decision-making for trustees. We enable trustees managing the schemes to have clear visibility on the costs with respect to administration, implementation and the impact on liabilities, providing expert advice to  support them in the right direction.

We’ve already completed more than a hundred GMP exercises for clients, which include world-renowned food, insurance and cosmetics organisations.

The 2nd Lloyd’s judgment indicated that trustees will need to review historic cash equivalent transfer values (CETVs). There are many legal, actuarial and practical considerations to take into account when planning to revisit past transfers. The GMP Equalisation Working Group is working on this guidance using a multi-disciplinary team and we expect that guidance to be published in the second quarter of 2021. We are, therefore, recommending to our clients that they wait for that guidance before planning these separate CETV projects.

Hear from our customers

Geraldine Brassett

Key Account Director at Capita and Co-Chair of the PASA GMP Equalisation Working Group


Equalising benefits for the effects of GMP will be specific to each scheme but we can help schemes to effectively manage the process and provide the best service for sponsors, trustees and members.

Why Capita?


The solution
GMPe – An all-encompassing solution to manage your pension scheme
What is it

A solution that simplifies the daunting GMPe concept using our actuarial, administrative, data and communications expertise to make GMP equalisation easy for pension schemes to implement. 

The process includes data review, cleaning, process change, communication, benefit equalisation, project management and other related capabilities.

How it helps

Our modular approach to GMP means our specialists are there to support you when and where you need them most, including end-to-end project management, scheduling of change, combining reconciliation and equalisation exercises and providing coherent messages to members. 

It ensures that the trustees are confident of the decisions made based on input and guidance received from experts. 

Features include

Data analytics and cleansing

  • GMP rectification and reconciliation
  • Data cleansing
  • Process changes
  • Multi system enhancements 
  • Benefit equalisation and conversion
  • Reporting
  • Project management
  • Actuarial expertise


  • Communications strategy and design
  • Production and mailing services
  • Mailings and response management
  • Digital delivery online, emails and SMS

Strategic GMP Planning

  • Guidance notes
  • Scoping and population definition
  • Detailed project plan
  • Specialist insight

Calculation and application of redress

  • Automation
  • Payments management
  • Treasury and reconciliation services

Understanding the framework

  • Pensions calculations
  • Letters
  • Processes
  • Pension increases
  • Benefit statements
  • Governance
  • Resourcing
Who is it for? Every scheme needing to undertake GMP equalisation: GMP rectification and equalisation is a large project and not many trustees have in house capacities to run it on their own without impacting day-to-day operations. Moreover, trustees require guidance on the method to be adopted for conversion and the ramification of each method with respect to costs and future administration. We’re already helping 100 pension schemes with GMP projects. Our approach ensures that data is addressed holistically, so it’s fit for the future – not just for a one of project. 
Getting started Find out how we’re simplifying the complex -
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Manage your GMP programme in a compliant, streamlined way


Helps you plan ahead

Absorbing an equalisation programme into the day-to-day running of your pension scheme can be a challenge. Our expert teams draw up a strategic plan to help you deliver GMP equalisation.


Reconciliation and rectification

One of the key tasks to be undertaken is to ensure that all the data is correct. Therefore, it becomes imperative to match all data points and ensure that this exercise is completed appropriately. 


Confidence in decision-making

Experts work closely together across functions so clients are confident of their GMP project. Decisions made are based on inputs and clear guidance from them.


Risk management & control

Through their extensive experience and understanding our experts put the relevant risk management, audit and controls in place so the schemes can carry out their GMP project properly.



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