Take the heavy lifting out of Guaranteed Minimum Pension compliance
Long-term partnership with experts who’ve made light work of hundreds of Guaranteed Minimum Pension projects.
A GMP Projects Review is a quick-fire assessment from independent experts, to identify issues, sense-check what you’ve done so far, and plan next steps.
Book your GMP projects review.
An easier path through GMP rectification
GMP rectification involves lots of moving parts, and complexity soars because members are often impacted by multiple exercises at the same time, like equalisation and liability reduction.
Lumera has helped schemes with hundreds of GMP projects to:
Plan how rectification will feed into other ongoing projects such as GMP equalisation, as it normally forms part of a wider DB rectification programme
Transform data into the complete, accurate platform you need for a seamless GMP project, working across every system you use
Accelerate rectification using our purpose-built applications that automate processing wherever possible, carry out the required calculations, correct benefits and calculate updated payments
Determine how best to handle over- and under-payments, building a rectification strategy that puts your members front-of-mind
Complete GMP equalisation faster
GMP equalisation projects can easily bury your teams in stress and complexity — and pose a real threat to bulk purchase annuity transactions.
We solve this by stepping in and taking on programmes of work, working seamlessly with your administrators, actuaries, and legal advisors.
Lumera’s step-by-step approach has made GMP equalisation more efficient and cost-effective. Here’s how:
Data preparation
Old, missing and incomplete pension data makes it almost impossible to perform equalisation calculations with any confidence. It’s not just that it’s low quality — it’s often split across legacy systems. Plus, the data you need for equalisation is typically more detailed than you’ve needed for ongoing administration, so it’s not easy to find.
Lumera helps you collect, complete and clean your data – and keep it clean:
- Equalisation assessment to audit your data-readiness against the specific requirements of GMP equalisation
- Data cleanse plan to identify what data cleansing is really needed, and is going to make a material difference to the members concerned
- Data cleansing implementation including calculating additional benefit tranches, tracing to locate members, and proposing practical assumptions wherever needed
We also tackle the tough task of preparing data to implement the Lloyds 3 Judgement, using our technology to analyse ‘no liability’ records, often held in hard to read file images, so that top up payments can be calculated
Our clients
Our clients represent the entire range of companies in the Life and Pensions industry.
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