RiskFirst Enhances PFaroe™DB with GMP Equalization Capabilities
NEWS | For Immediate Release
LONDON, July 2, 2020 – RiskFirst, a Moody's Analytics company, is pleased to announce the integration of Guaranteed Minimum Pension (GMP) capabilities into PFaroeDB solution, its flagship defined-benefit (DB) pension scheme analytics platform.
Today’s announcement follows the landmark ruling by the UK’s High Court in October 2018 requiring all UK DB pensions schemes to equalize for GMP benefits between men and women. It has taken nearly two years for the industry to agree how to address this complex issue and develop member-level solutions.
Adding this new feature to its award-winning solution allows RiskFirst to help clients address the requirements of GMP equalization. UK employee benefit consultants using the PFaroeDB solution are now able to access member-level GMP equalization capabilities within a fully integrated valuation system, alongside a suite of DB pension scheme analytics tools that enables daily valuations, hedging, measurement of risk exposure and asset and liability management.
As part of the development process, RiskFirst sought feedback from existing clients of the PFaroeDB solution about various modelling approaches to determine the GMP valuation methodologies that are required to address consultants’ needs.
“When developing a GMP solution we recognized that to resolve the equalization challenge, consultants would require a holistic view of GMP valuations and in-depth DB pension scheme analytics in order to provide the best service to their clients,” said Matthew Seymour, CEO of RiskFirst.
Jonathan Conway, Head of Customer Success at RiskFirst, added: “GMP equalization is complex, and needs to be done right. DB pension schemes across the UK will be reassessing their methodologies and looking for advice on how to navigate this challenge. This provides PFaroeDB users with an excellent opportunity to consult with their own clients and support them through this change.”
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Moody's Analytics, Inc. is a subsidiary of Moody's Corporation (NYSE: MCO). Moody's Corporation reported revenue of $4.8 billion in 2019, employs approximately 11,300 people worldwide and maintains a presence in 40 countries.