13 ount Post 90 Non GMP AFFECTED What benefits are affected by GMP equalisation? 15. GMP equalisation. Any top-up payments to previous lump sums for GMP equalisation must satisfy the payment conditions in … GMP equalisation benefit adjustments should simply reflect the benefit the member had accrued before 6 April 2006. There were various methods discussed by the High Court in order to equalise benefits. Assist administration teams in understanding data requirements and complex new benefit structures that arise as a result of GMP equalisation. In July 2018 Lloyds bank, together with the Affinity trade union and the trustees of three Lloyds pension schemes, went before the High Court seeking clarification on GMP equalisation.. This concise half-day event will explore a variety of different issues affecting scheme managers, through a combination of informative presentations and interactive panel debates, including GMP equalisation, the pensions dashboard, the accuracy and quality of members data and the latest trends in scheme administration. Equalisation of benefits. GMP Equalisation - Made Simple Guide 29 June 2020 By Duncan Watson, CEO, EQ Paymaster The matter of guaranteed minimum pensions (GMPS) may appear to have assumed great importance almost overnight, but in truth, it’s been a long time coming. Carrying out non-standard scheme benefit calculations, and involvement in wider actuarial work including GMP equalisation and conversion calculations. GMP Equalisation Under the Microscope – Claims for GMP Equalisation Top-ups to Historic Transfers By Jane Briggs on February 2, 2021 Posted in UK Pensions Will the number of transfer top-up claims be any more predicable than the weather – can we expect a blizzard or a light flurry? ‘Guaranteed Minimum Pension (GMP) equalisation’ refers to a court ruling in October 2018 that pension schemes need to ‘equalise’ the GMP benefits of men and women, which are currently linked to the old State Pension ages of 60 (for women) and 65 (for men). DO consolidate benefits with different normal retirement dates before applying GMP equalisation. Where benefits have previously been paid, HMRC recognises that it may be possible to make a further lump sum payment as an authorised payment. What are the different GMP equalisation methods and how do each of the different methods work? A court ruling was announced on 26 October 2018 to determine whether members' benefits should be adjusted to reflect gender inequalities in Guaranteed Minimum Pensions (GMPs), and if so, how. The uncertainty could be removed later this year by the Lloyds court judgement. On 26 October 2018, the High Court judgment on the Lloyds case confirmed the need to improve Unequal benefits: Example 1 15 Male Admin & Data Forum 2021. GMP accrual was abolished from 6 April 1997 onwards. a member’s GMP increases at a different rate from their scheme pension. On its own, this would not result in any benefit accrual after 5 April 2006. In the Barber case (17 May 1990), the ECJ ruled that occupational pensions were deferred pay and, as such, schemes were required to treat men and women equally. Lloyds Bank GMP equalisation case. GMP Post 97 benefits Equalisation (Barber) Date. The impact of GMP equalisation for individual members will depend on the method of equalisation chosen by the trustees and the individual member’s circumstances. Examples 14. 6 April 1978 6 April 1988 17 May 1990 5 April 1997 Post 90 GMP AFFECTED Post 97 benefits NOT AFFECTED Equalisation (Barber) Date Pre 90 benefits NOT AFFECTED.

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