95% of JLT schemes now quoting transfer values allowing for GMP equalisation
25 March 2019
- Hundreds of pension schemes can calculate transfer values to allow for GMP equalisation
JLT Employee Benefits (JLT) has become one of the first organisations to enable pension schemes to calculate transfer values to allow for Guaranteed Minimum Pension (GMP) equalisation.
This has been made available to over 700 pension scheme clients since 1 March this year and so far, 95% of JLT’s clients have moved to the new equalised basis.
Following a High Court ruling, pension scheme trustees must equalise benefits between men and women who have GMPs. The decision lead to many schemes stopping the transfer process until equalisation has taken place.
However, JLT’s service now means that clients have the option of a fully equalised transfer value available to them without having to worry about whether, and by how much, it might have to be topped up later.
James Auty, head of trustee consulting for JLT Employee Benefits, said: ‘We have offered this option to clients to ensure a better experience for members and those advising them, making it much easier when a member gets financial advice on their transfer value.
‘JLT has also been speaking to the leading firms of independent financial advisors on the additional information they need to ensure that transfers embracing GMP equalisation can progress quickly and efficiently.’
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NOTES TO EDITORS
JLT Employee Benefits
PR Manager, JLT Group
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About Jardine Lloyd Thompson
Jardine Lloyd Thompson is one of the world’s leading providers of insurance, reinsurance and employee benefits related advice, brokerage and associated services. JLT’s client proposition is built upon its deep specialist knowledge, client advocacy, tailored advice and service excellence.
JLT is quoted on the London Stock Exchange and owns offices in 41 countries with more than 10,600 employees. Supported by the JLT International Network, it offers risk management and employee benefit solutions in 135 countries.
For further information about JLT, please visit our website www.jlt.com.
About JLT Employee Benefits
JLT Employee Benefits is one of the UK’s leading employee benefit providers offering a wide range of benefit and pension services, including administration, actuarial and pension consultancy, investment, Self Invested Personal Pensions (SIPPs) and Small Self Administered Schemes (SSASs) administration, flexible benefits, healthcare, benefit communication and financial education.
Pensions and employee benefits companies within the JLT Employee Benefits group of companies include: JLT Benefit Solutions Ltd, Profund Solutions Limited, JLT Wealth Management Limited, JLT Investment Management Limited and Independent Trustee Services Limited. JLT Employee Benefits is part of Jardine Lloyd Thompson Group plc.
Find out more about JLT Employee Benefits.