On 26 October 2018, the High Court judgment on the Lloyds case confirmed the need to improve benefits to make allowance for the inequality between males and females in Guaranteed Minimum Pensions (GMPs) – known as GMP equalisation.

This will mean increasing benefits. Although our research shows that the impact of this is less than 1% of liabilities for the majority of schemes, it can represent a significant amount for individual pensioners. We estimate the average payment due to pensioner is £1,000, and in extreme cases some pensioners could be owed up to £25,000. 

We believe it is important to focus on tackling GMP equalisation now to get payments into the hands of pensioners who need them.

Solving GMP equalisation does not need to be as complicated as you may think. XPS can help you cut through the data complexities so that you can make significant progress very quickly, often in as little as six weeks.


Let’s Get GMP Equalisation Done 

For most Trustees, data is the biggest obstacle to getting GMP equalisation done.

Reviewing data that we don’t ultimately need is a waste of time and cost. What matters is focusing on the right data. We have developed a unique equalisation process to target work towards only data items that actually make a difference to the GMP equalisation outcome for members.

This makes for a more efficient and effective project.

With XPS, in as little as 6 weeks you can have a scheme specific report that gives you:

  1. What data matters for your scheme.
  2. The important decisions you need to make and clear recommendations.
  3. How your pensioners are individually affected and what payments they’re owed.

This gives you visibility over the whole GMP equalisation project and, importantly, what is needed to get to the end point of paying the payments owed to your pensioners.

For more details, see our video.

Our team

XPS’s GMP Equalisation Team of 50 specialists have over 50 GMP equalisation projects completed or on the go. These projects can be delivered on a standalone basis.

Using GMP Equalisation to achieve your strategic objectives

We are working with trustees and companies to use the GMP equalisation project to achieve their strategic objectives, including removing complexity and cost through conversion and using the GMP equalisation process to offer options to members such as trivial commutations and pension increase exchange. We are ready to help you obtain the best outcome as you work through equalising benefits for GMPs.


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Key Contact

Vicky Mullins

Head of GMP Equalisation

T: 0203 725 7017

Get in Touch