XPS Pensions Group has launched an 'EqualGMP' service for pension schemes to navigate through the process of equalising guaranteed minimum pensions (GMP).
The service is designed to help trustees and in-house administrators, providing a planning, preparation, and implementation service.
This comes after the landmark high court ruling in October last year that required all schemes to equalise benefits between men and women.
EqualGMP aims to help schemes improve their member data, simplify their wider benefits, offer opportunity to give members new options, and provide long-term objectives.
XPS Pensions Group principal Sankar Mahalingham commented: "It can take months for pension schemes to be in a position to even start their equalisation journey and even though we are waiting for further clarification on some equalisation options, now is the time to start preparing"
He continued: "EqualGMP is all about helping pension schemes prepare and implement plans to not only manage their GMP equalisation process but to also provide a clearer outlook to the long-term benefits of their scheme."
The service will start with a preparation phasing stage, to ensure schemes are fully prepared for the equalisation process.
Defined benefit (DB) schemes that provide GMPs must revisit and, where necessary, top-up historic cash equivalent transfer values (CETVs) that have been calculated on an unequal basis, a landmark court judgment said last week.
Technology platform PensionSync has partnered with quantum employment pioneer My Digital to help contractors and employers manage pensions as more workers do temporary work for multiple firms.
Capita Pensions has partnered with data technology solutions firm Intellica to tackle the GMP equalisation challenges facing pension schemes.
The Hewlett Packard Retirement Benefit Plan has reappointed EQ Paymaster as its third-party administrator (TPA) for five years.
Schemes and their administrators have rightly received much praise for ensuring that pensions have continued to be paid in full and on time during an unprecedented period of disruption.