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Are you concerned about your lack of progress with GMP equalisation? Square™ provides end-to-end delivery of GMP equalisation (including past transfer values) 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 single stand-alone solution, or split into two separate main and additional past transfer values equalisation projects, from data analysis to the critical matter of communicating the impact to the scheme members.

£1.5B

Up to £1.5 billion top-up required on past DB pension transfers due to GMP equalisation

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
Additional capability to address past transfer values equalisation exercise, alongside or as a separate exercise to the main GMP equalisation project
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.

In addition, for historic transfer value projects, we will:

Track down the member/dependants
Find the data and assumptions underlying the original transfer value
Establish a pragmatic approach where data and assumptions are unavailable
Establish a mechanism for making payment and agree this with the member

Square places pension schemes well ahead of the curve, with positive results for members, trustees, and scheme sponsors alike.

Square delivers GMP compliance and equalisation efficiently and effectively, bringing a balance between pragmatism and technical robustness, alongside an engaging communication suite. And above all, it doesn’t disrupt the normal operation and governance of your scheme.

What sets us apart

Proven track record

Square is at the forefront of the industry, with has a proven track record of enabling schemes to make significant progress with GMP equalisation, well ahead of others in the market. Over 90% of clients are already progressing with data analysis; 75% are making allowances for GMP equalisation in transfer values; and 67% have received advice on their choice of equalisation method.

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. We were also able to quickly pivot this technology to include equalised transfer values very quickly after the additional requirement was identified.

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.

A modular, flexible approach

Depending on trustee requirements, we can run the main GMP equalisation and transfers projects simultaneously, consecutively, or as separate standalone activities. This enables us to provide you with the approach that works most effectively for you and your scheme.

We’re here to help you

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.