{"id":1431,"date":"2023-03-22T15:31:21","date_gmt":"2023-03-22T15:31:21","guid":{"rendered":"https:\/\/procentia.com\/gb\/?page_id=1431"},"modified":"2023-03-22T18:11:03","modified_gmt":"2023-03-22T18:11:03","slug":"gmp-equalisation","status":"publish","type":"page","link":"https:\/\/procentia.com\/gb\/gmp-equalisation\/","title":{"rendered":"GMP Equalisation"},"content":{"rendered":"\n<div class=\"wp-block-landscape-hero-banner-v2 HeroBannerV2 image_text vBottom lBottom secondary\"><div class=\"container\" style=\"background-image:url('https:\/\/procentia.com\/gb\/wp-content\/uploads\/sites\/2\/2023\/03\/banner-gmp.png')\"><div class=\"columns\"><div class=\"textWrapper\"><div class=\"heading-wrapper big\"><h1>GMP equalisation<\/h1><h5>How GMP equalisation and rectification could affect your pension. <\/h5><\/div><\/div><div class=\"imageWrapper\">\u00a0<\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"spacer space40\"><\/div>\n\n\n\n<div class=\"spacer space100\"><\/div>\n\n\n\n<div class=\"wp-block-landscape-container\" style=\"background-color:var()\"><div class=\"padding\">\n<div class=\"wp-block-landscape-two-columns\">\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<div class=\"wp-block-landscape-headings headings-container\"><div class=\"innerContainer   \"><h3 class=\"heading_1 h4 alignmentLeft \" style=\"margin-bottom:30px\">Why is equalisation needed?<\/h3><\/div><\/div>\n\n\n\n<p>Both SERPS and GMPs targeted the same benefit as a proportion of earnings by the GMP age of 60 for women and 65 for men. Women generally built up GMP more quickly than men with the same earnings and service history, because the intention was to provide the same pension for women at 60 as for men at 65.<\/p>\n\n\n\n<p>This means that although women and men with the same earnings and service history accumulate the same amount of scheme pension in any year, the split of the pension built up between GMP and non-GMP will differ for men and women.<\/p>\n\n\n\n<div class=\"spacer space40\"><\/div>\n\n\n\n<div class=\"wp-block-landscape-headings headings-container\"><div class=\"innerContainer   \"><h3 class=\"heading_1 h4 alignmentLeft \" style=\"margin-bottom:30px\">What does the law require?<\/h3><\/div><\/div>\n\n\n\n<p>In equalising GMPs, members with GMPs built up between 17 May 1990 and 5 April 1997 may receive a small topup to their benefits. Those members receiving a pension may also receive a back payment to compensate for past inequalities. As a result, all schemes with GMPs will see an increase in the value of their scheme liabilities.<\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<div class=\"spacer space40\"><\/div>\n\n\n\n<figure class=\"wp-block-image size-large is-style-rounded\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"779\" src=\"https:\/\/procentia.com\/gb\/wp-content\/uploads\/sites\/2\/2023\/03\/GMP-1024x779.png\" alt=\"\" class=\"wp-image-1541\" srcset=\"https:\/\/procentia.com\/gb\/wp-content\/uploads\/sites\/2\/2023\/03\/GMP-1024x779.png 1024w, https:\/\/procentia.com\/gb\/wp-content\/uploads\/sites\/2\/2023\/03\/GMP-300x228.png 300w, https:\/\/procentia.com\/gb\/wp-content\/uploads\/sites\/2\/2023\/03\/GMP-768x584.png 768w, https:\/\/procentia.com\/gb\/wp-content\/uploads\/sites\/2\/2023\/03\/GMP.png 1272w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<\/div>\n<\/div>\n<\/div>\n<\/div><\/div>\n\n\n\n<div class=\"spacer space100\"><\/div>\n\n\n\n<div class=\"wp-block-landscape-container\" style=\"background-color:var()\"><div class=\"padding\">\n<figure class=\"wp-block-image size-large is-style-rounded\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"462\" src=\"https:\/\/procentia.com\/gb\/wp-content\/uploads\/sites\/2\/2023\/02\/gmp-assets-02-1024x462.png\" alt=\"\" class=\"wp-image-622\" srcset=\"https:\/\/procentia.com\/gb\/wp-content\/uploads\/sites\/2\/2023\/02\/gmp-assets-02-1024x462.png 1024w, https:\/\/procentia.com\/gb\/wp-content\/uploads\/sites\/2\/2023\/02\/gmp-assets-02-300x135.png 300w, https:\/\/procentia.com\/gb\/wp-content\/uploads\/sites\/2\/2023\/02\/gmp-assets-02-768x347.png 768w, https:\/\/procentia.com\/gb\/wp-content\/uploads\/sites\/2\/2023\/02\/gmp-assets-02.png 1256w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<\/div><\/div>\n\n\n\n<div class=\"spacer space100\"><\/div>\n\n\n\n<div class=\"wp-block-landscape-headings headings-container\"><div class=\"innerContainer padding  \"><h2 class=\"heading_1 h2 alignmentCenter bold\" style=\"margin-bottom:0px\">We\u2019re always on hand to discuss<\/h2><h2 class=\"secondLine heading_2 h2  alignmentCenter\" style=\"margin-bottom:40px\">these challenges with you.<\/h2><a href=\"\/gb\/get-in-touch\" class=\"button primary large\">Get in touch<\/a><\/div><\/div>\n\n\n\n<div class=\"spacer space100\"><\/div>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-1431","page","type-page","status-publish","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - 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