Broadstone has launched a new streamlined and specialist service to help pension schemes conduct standalone GMP Equalisation (GMPE) exercises.
GMPE Now has been designed to integrate with any initial work already completed and work collaboratively with existing advisers to secure successful outcomes.
“GMPE is both a complex and labour-intensive project that has led to significant delays, partly caused by complexity of the area, but also due to costly, over-engineered solutions,” said Nigel Jones, head of pensions, administration and advisory at Broadstone.
“Seven years on from the original GMP ruling, we feel it’s imperative to deliver a solution that will help trustees achieve a successful outcome both in a definite timeframe and in a cost-effective manner.”
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The service will take on schemes regardless of whether GMP data has been reconciled with HMRC or has been rectified on the existing administration system.
It also works with schemes of any size of in-scope membership or those that are preparing for a risk transfer transaction and need to accelerate the equalisation work.
Jones added: “Our specialist team is ready to bring on virtually any scheme looking for a transparent solution.
“We have a proven track record of onboarding new clients quickly and are willing to work collaboratively with existing advisers, leveraging on delivery right through to Lloyds 3 and hands-on market experience.”
Calculations are undertaken by Broadstone’s actuarial and administration teams, which have completed over 200 GMPE exercises across their client base.
