Bringing you live news and features since 2013
Bringing you news, views and analysis since 2013

29805

Buck launches new GMP equalisation solution

RELATED TOPICS​

Buck, a leading consulting, administration, and technology services firm specialising in pensions and employee benefits, has launched its Guaranteed Minimum Pension (GMP) equalisation solution, Square.

The new solution has been developed following a landmark ruling by the High Court in October 2018 (and an additional ruling in December 2018) mandating that UK DB pension schemes must equalise for GMP benefits between men and women.
 
Through Square, Buck is able to work alongside Trustee and Company advisers to provide a one-off, self-contained project to deliver GMP equalisation for schemes. The solution delivers a list of all member benefit adjustments, a clear and concise summary report for the Trustees and Company, as well as quantification of the financial impact for the scheme.
 
It also addresses the complex technical implications and uncertainties of GMP equalisation efficiently and at a low cost. Trustees and Company Sponsors will have access to resources such as a GMP Scorecard, providing a clear and concise explanation of the equalisation process, including a summary of the key aspects of GMP equalisation and any immediate actions which schemes need to address.
 
David Piltz (pictured), UK Managing Director at Buck, says: “The landmark High Court judgement at the end of last year on the need to equalise GMP benefits for men and women was a defining moment for the DB industry. An overwhelming majority of pension schemes in the UK have GMP benefits, meaning the ruling on GMP equalisation presents a significant challenge for the sector to ensure schemes fully comply with this legal requirement.”
 
“At Buck, we recognise that undertaking GMP equalisation has the potential to be a complex, costly, and time-consuming process, with some advisers quoting three years or more to resolve the issue. Through Square, and supported by a large, dedicated team of GMP equalisation specialists, we offer an accelerated standalone solution that allows us to work with existing advisers efficiently and effectively to resolve the GMP equalisation challenge and ultimately benefit all stakeholders, including pension scheme members.”
 
Jack Freker, Chief Executive Officer at Buck, says: “Through the extensive experience of our UK team in providing actuarial consulting services and our strong heritage in delivering practical solutions, Square will deliver GMP equalisation to affected pension schemes in a flexible and cost effective way. With Buck, Trustee and Company advisers will benefit from an ahead-of-schedule resolution to this complex issue, quickly bringing their plans into compliance.”

Latest News

According to the latest ESG data from PwC Luxembourg finds that investment flows towards EU..
Solactive and private equity data provider CEPRES have established a new partnership for to introduce..
New research published today by the CFA Institute Research and Policy Centre analyses the many..

Related Articles

Pension funds
UK defined benefit (DB) pension plan sponsors could have access to GBP 1.2 trillion in surplus assets over the next decade, industry research reveals...
UK defined benefit (DB) pension plan sponsors could have access to GBP 1.2 trillion in surplus assets over the next..
Tim Crawmer, Payden & Rygel
Tim Crawmer and Frasat Shah of Payden & Rygel write that higher yields are attracting more demand from investors. Also, given that equities had a strong year last year, big funds have taken some chips off the table in equities and put them into fixed income...
Tim Crawmer and Frasat Shah of Payden & Rygel write that higher yields are attracting more demand from investors. Also,..
Lady justice
Top marks for the Pensions Regulator (TPR) whose efforts to improve resilience in the UK pension funds’ liability-driven investment (LDI) strategies received glowing commendations from the Bank of England in its March report...
Top marks for the Pensions Regulator (TPR) whose efforts to improve resilience in the UK pension funds’ liability-driven investment (LDI)..
Pension funds
Four potential operators of pensions dashboards (Just Group, Legal & General, Moneyhub and Standard Life, part of Phoenix Group) are coming together to instigate a new industry coalition...
Four potential operators of pensions dashboards (Just Group, Legal & General, Moneyhub and Standard Life, part of Phoenix Group) are..
Subscribe to the Institutional Asset Manager newsletter

Subscribe for access to our weekly newsletter, newsletter archive, updates on the site and exclusive email content.

Marketing by