Gmp equalisation top up payment

roytheblue

I’ve received a letter telling me I’m to receive an additional payment from my previous pension scheme ( I’m retired now)  as a one off lump sum. 

How do I know they have calculated this correctly as they say there are no “come backs” after accepting the sum

DT2001

roytheblue said:

I’ve received a letter telling me I’m to receive an additional payment from my previous pension scheme ( I’m retired now)  as a one off lump sum. 

How do I know they have calculated this correctly as they say there are no “come backs” after accepting the sum

My guess is that you have to take their word for it.
I had a GMP equalisation lump sum from Barclays in 2022 and the administrators sent a letter advising the amount and a table with each individual year’s difference. Since then I have had annual adjustments with a figure. As they said each individuals calculation is different.
Personally I was happy to get anything extra and having read up about it prior to the notification was aware it was a very complex area with more than one method allowable to calculate the results.

Marcon

roytheblue said:

I’ve received a letter telling me I’m to receive an additional payment from my previous pension scheme ( I’m retired now)  as a one off lump sum. 

How do I know they have calculated this correctly as they say there are no “come backs” after accepting the sum

I can understand your wariness, but if you had the first idea how much time, effort and money has gone into this whole GMP equalisation exercise, it might give you some comfort that there's a very good chance indeed that the calculation is correct. The scheme certainly won't enter into discussions or negotiations and there won't be any 'alternative' offers.

snowlaser

GMP Equalisation is an extremely complicated calculation, so there is no way to check it yourself or ever be 100% that it's correct.  That said, as @Marcon said, lots of work will have gone into calculating it, so there is no reason to suspect that it is incorrect, and from your own perspective it's arguably bonus money that you weren't expecting so you can effectively take it that way.