BT Pension Scheme completes GMP equalisation

BT scheme becomes one of the first large schemes to reach the finish line

Jonathan Stapleton
clock • 1 min read
The BT offices on Sovereign Street in Leeds. Photo: Philip Openshaw via iStock
Image:

The BT offices on Sovereign Street in Leeds. Photo: Philip Openshaw via iStock

The BT Pension Scheme has completed its GMP equalisation work – assessing over 200,000 scheme members and creating a plan to make necessary adjustments for the 60,000 that were eligible.

The work, which began in 2021, including calculations, system changes and creation of the GMP equalisation data was carried out in-house by Brightwell, the BTPS-owned service provider, in partnership with and Procentia and the scheme's actuary WTW.

Communications to historic members who had transferred out of the scheme began in December 2022, including a tracing exercise to find those the scheme no longer held records for.

In August 2023, the scheme began contacting existing members with information about their equalisation adjustments - noting the amounts due were typically very small. Brightwell said the final tranche of members were contacted in February 2024.

Brightwell deputy head of member services Andy Whitelaw said: "Completing GMP equalisation for BTPS is a huge milestone and we believe BTPS is one of the first large schemes to reach the finish line.

"We took a methodical and structured approach, leveraging our in-house expertise to make the process as efficient and cost-effective as possible."

When writing to members on this subject, Brightwell used the communications that were developed as part of the GMPeasy cross-industry initiative.

It said this approach helped to ensure that members received simple, easy to understand communications that were clear and consistent - noting that only 0.2% of members contacted have been in touch with the scheme with queries.

Whitelaw continued: "The minimal reaction from members is testament to the high quality and simple communications we developed in conjunction with other DB schemes and communications consultancy Quietroom, as part of the GMPeasy initiative. These communications are free for all schemes to use and from our experience, they really work."

The free GMPe communications toolkit can be downloaded at www.gmpeasy.co.uk.

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