What is the Settlement Portal?
As a leading third-party administrator, we have experience and expertise in managing pension schemes throughout their lifecycle.
While each defined benefit (DB) scheme is unique, there are several common activities that most schemes will typically undertake, whether they are in the process of winding up and securing liabilities with an insurer or continuing to operate. The Settlement Portal can consolidate these actions into a solution that can be tailored to meet your needs .
The Settlement Portal is primarily a digital proposition, although controlled manual processes are embedded where required.
What can the Settlement Portal help with?
One key focus area is GMP Equalisation, which is an important consideration for the DB schemes that we manage. Initially, the Settlement Portal will support actions for 'No-Liability' ex-members impacted by GMP Equalisation. We believe this will provide benefits to a wide range of DB clients, that we administer and in the wider TPA market, helping to settle liabilities for tens of thousands of former members.
No-Liability work
GMP Equalisation requires you to look at not only the current and prospective pensioners under your scheme but also those who were affected by GMP Equalisation and whose liability was previously extinguished. This involves the payment of top-ups to ex-members who:
- Transferred out
- Took a Trivial Commutation Lump Sum
- Died while receiving a pension but before they could be equalised
An ID check provides basic system access, and the ex-member confirms their data, bank details and completes a full online digital identity verification process. Payment is then released within days.
Key benefits
A complete technology-based solution with all elements considered in advance
Our innovative solution complements existing technology structures and will allow users to go through identity verification and the secure settlement process online, reducing processing time and the need for ex-members to send important documents in the post. We also have options for ex-members to engage with us in other ways, including our Service Centre.
Robust security and anti-fraud controls
We will ensure that the person answering the security challenge is alive, the same person we have on record and not a friend, family member or fraudster. The web option has security built-in to control whose bank account we are paying into and then final checks to counter fraud before payment processing can commence.
Quick, secure payment
There is no reliance on a monthly payroll with cut-off dates. Settlements will be made using BACS (in days) to ensure the liability is cleared cleanly and efficiently for the payee and Trustee.
HMRC-compliant
The payee will be taxed in the right way for the Trustee, to ensure HMRC compliance and be provided with a final statement to assist with any claims or conversations with HMRC.
Providing a robust audit trail for the future
We will have a full record of data and images at the end of the project, allowing you to document efforts made for those ex-members who have not resolved the issue and assist with any future data gathering/confirmation jobs.
Providing timelines and fee estimates you can trust so you can plan the wind-up of your scheme
Our timeline considers all the various steps on the journey and gives confidence that we'll deliver what we say we'll deliver. Our digital approach facilitates settlements in shorter timeframes than other parties who need to use paper and spreadsheets. Our fees are transparent and clear, with a fixed initial set-up cost and a per-member cost depending on the way ex-members interact with us.
A modular approach to meet your requirements
The Settlement Portal divides each process into modules, reflecting the commonalities between the different exercises that we support. This prevents the need to build each digital process from scratch, enabling a swifter and more effective implementation. When a member encounters the Settlement Portal through multiple exercises, they will experience a simple and familiar process.
