GMP Equalisation Working Group publishes updated comms guidance

The cross industry GMP Equalisation Working Group (GMPEWG) has published follow-up guidance on member communications, stressing that whilst GMP equalisation can be “very complicated", communications "don’t have to be”.

The group, which is chaired by the Pensions Administration Standards Association (Pasa), published the guide to build on previously issued guidance from August 2020, which looked at the early planning stages of the communications process.

The updated guidance published today (27 September) outlines the broad principles that schemes can follow when implementing their communications to members, the member’s perspective and normal context of other scheme communications, and the role of timing communications activity and delivery milestones.

It also considers who to communicate with, what to tell them and why, planning for data to use in communications, and post equalisation considerations for ‘business as usual’ communications.

Commenting on the launch, GMPEWG sub-group chair and Willis Towers Watson senior director of communications and change management, Louise Harris, emphasised that communicating the complex subject of GMP equalisation in a clear and transparent way is a "vital element" in a scheme’s equalisation project.

“This second instalment of communications guidance places the individual at the centre of our thinking and simplifies a technical subject to support trustees and administrators where they’re starting to communicate with members and deliver equalisation," she continued.

“Many schemes have suffered setbacks in the progression of their GMP Equalisation projects due to the impact of Covid-19, but the message from The Pensions Regulator and from Pasa today is clear – let’s get this done for the members.

“GMP equalisation may be very complicated, but your communications don’t have to be.”

The group also recently published supplemental guidance on transfer payments last month, in order to provide an update to the initial methodology guidance published in 2019.

    Share Story:

Recent Stories


Making pension engagement enjoyable through technology
Laura Blows speaks to Nick Hall, business development director and Chartered Financial Planner at UK-based Wealth Wizards about the opportunities that technology provides for increasing people’s engagement with pensions and increasing their retirement wealth. Please click here for an edited write-up of the video

ESG & DC – creating the right tools
In the latest of our series of Pensions Age video interviews Francesca Fabrizi, Editor in Chief of Pensions Age is joined by Manuela Sperandeo, Head of Sustainable Indexing EMEA, BlackRock and Mark Guirey, Executive Director, Asset Owner and Consultant Coverage - MSCI to discuss some key trends of ESG investing among UK pension funds today. Please click here for an edited write-up of the video

Savings and finance at retirement
Laura Blows is joined by Claire Felgate, Head of Global Consultant Relations, UK, at BlackRock, to discuss savings and finance at retirement. Please click here for an edited write-up of the video

Global equities and transition investing
Pensions Age editor, Laura Blows speaks to Royal London Asset Management equity investment director, Jonathan Price, about transitioning to sustainable investments within global equities
Cost transparency
Pensions Age editor, Laura Blows, discusses investment cost transparency and savings with Aon’s Neil Smith and Chris Hawksworth. Please click here for an edited write-up of the video

Advertisement Advertisement Advertisement