The equipment pad can be lower than the pool surface if it has to be. That tends to cause problems, but it is possible.
My personal favorite is to have the pad be just a few inches below the surface of the pool, so the pump strainer basket is just a couple of inches above the surface of the pool. That makes priming the pump really fast and easy.
My personal favorite is to have the pad be just a few inches below the surface of the pool, so the pump strainer basket is just a couple of inches above the surface of the pool. That makes priming the pump really fast and easy.