Are you concerned about your lack of progress with GMP equalisation? Square™ provides end-to-end delivery of GMP equalisation in a clear and cost-effective way, ensuring quick compliance for you. Using our proprietary technology and methodology built into Square, we can deliver the whole GMP equalisation project as a stand-alone solution, from data analysis to the critical matter of communicating the impact to the scheme members.
An end-to-end solution to the challenges of GMP equalisation
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A pragmatic and robust approach to GMP equalisation
Square delivers a uniquely packaged, efficient, and innovative route to equalisation, rectification, and conversion, which incorporates:
- A fully integrated end-to-end process, which can be delivered as a standalone project, independent of a scheme’s existing adviser
- Cutting-edge, clear member communications
- Innovative technology, using our proprietary Janus method
The Square process benefits from unique end-to-end mapping, and is divided into four stages:
- Fact find and initial advice
- Advice and decision on equalisation approach
- Calculation and implementation
- Communication
Each stage comes with a checklist, a full suite of client advice material, and template communications.
Square places pension schemes well ahead of the curve, with positive results for members, trustees, and scheme sponsors alike.
What sets us apart
Proven track record
Square has a proven track record of enabling schemes to make significant progress with GMP equalisation, well ahead of others in the market. Buck is at the forefront of the industry in helping schemes on their GMP equalisation journey, leading the charge on the ‘call to action’ issued by the industry working group.
Innovative technology
At the heart of Square is our proprietary technology, which has been built to offer a perfect balance between pragmatism and technical robustness. Our Square technology has a modular structure, designed to seamlessly link our administration and actuarial software to offer a single integrated GMP equalisation solution.
Proprietary calculation method
Our calculations are based on our proprietary Janus method, enabling us to complete historical equalisation (and, as necessary, rectification calculations) by focusing on the additions/reductions to pension amounts, rather than the full nominal amounts, but without losing the granularity from sub-dividing and analysing the pension in detailed tranches.
Clear communications for all
Our template member communications are certified jargon-free and focused on delivering the messages in a way scheme members can genuinely understand. In addition, we’ve developed a unique GMP equalisation scoreboard for trustees, which summarises the latest developments at a glance, providing effective governance over the project without unnecessary technical detail.
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Expertise at every turn.
Get Square with Buck.
Introducing Square: a cost-effective solution to the challenges of GMP equalisation, ensuring compliance for your scheme, and clarity for your members.
For additional insights on our GMP equalisation expertise in action, check out our latest thinking.
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Blog
Buck survey shows that 75% of eligible schemes are now allowing for GMP equalisation in transfer values
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Square in action: Global pharmaceuticals company
Square has been introduced as a standalone project to deliver GMP equalisation effectively and innovatively for a hyper-busy scheme with multiple stakeholders and workstreams.
In just a few months, the scheme data is GMP equalisation-ready, transfer values have been equalised, and discussions on member communications are underway.
This scheme is now in the top 5% for progress with GMP equalisation.