Brightwell, the primary services provider to the BT Pension Scheme (BTPS), has completed guaranteed minimum pension (GMP) equalisation for the scheme.

The defined benefit (DB) scheme service provider began work on GMP equalisation for the BTPS in 2021.

During the process, Brightwell assessed more than 200,000 scheme members, resulting in a plan to make the necessary adjustments for 60,000 eligible members.

All the work, including calculations, system changes and creation of the GMP equalisation data, was carried out in-house by Brightwell, in partnership with Procentia and the scheme actuary WTW.

Communications to historic members who had transferred out of the scheme began in December 2022, including a tracing exercise to find those the scheme no longer held records for.

Following this, in August 2023, the scheme began contacting existing members with information about their equalisation adjustments.

Brightwell noted that the amounts due were typically very small, with the final tranche of members being contacted in February 2024.

When writing to members, Brightwell used the communications that were developed as part of the GMPeasy cross-industry initiative.

“Completing GMP equalisation for BTPS is a huge milestone and we believe BTPS is one of the first large schemes to reach the finish line,” commented Brightwell deputy head of member services, Andy Whitelaw.

“We took a methodical and structured approach, leveraging our in-house expertise to make the process as efficient and cost-effective as possible.

“The minimal reaction from members is testament to the high quality and simple communications we developed in conjunction with other DB schemes and communications consultancy Quietroom, as part of the GMPeasy initiative.

“These communications are free for all schemes to use and from our experience, they really work. It’s been fantastic to see the pensions industry collaborate in this way for the benefit our members.”

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