Search Results for: GMP Equalisation Under the Microscope

GMP Equalisation under the Microscope – Happy Third Anniversary!

Today marks the third anniversary of the landmark Lloyds legal case. This case confirmed a legal requirement to provide sex equality in pension scheme benefit structures, and remove any remaining inequality resulting from the way in which Guaranteed Minimum Pensions (GMPs) have to be provided under Government regulations. Earlier this year, we issued a survey … Continue Reading

GMP Equalisation Under the Microscope – Magnifying Tricky Transfer Issues

Since the first Lloyds judgment, trustees and sponsoring employers have, understandably, been focussing on some of the more straightforward elements of GMP equalisation (if there is such a thing). However, following Lloyds 3, some tricky issues have reared their head; employers and trustees are having to take a closer look at previous transfers and in … Continue Reading

GMP Equalisation Under the Microscope – Bulk Transfers Will Require Close Examination

The recent court ruling known as “Lloyds 3” answered lots of questions about the need to revisit past transfer payments, where those transfer payments had been calculated without taking into account the obligation to equalise benefits for the effect of unequal guaranteed minimum pensions (GMPs). However, the more we look at Lloyds 3, which focused … Continue Reading

GMP Equalisation Under the Microscope – Focusing in on Data Gaps

“Big Data” is a topic that is frequently referred to in the news.  The traditional definition of Big Data is data that contains greater variety, arriving in increasing volumes and with ever-higher velocity.  Whilst this definition isn’t typically of direct relevance to trustees of UK occupational pension schemes, it does have some application in the … Continue Reading

GMP Equalisation Under the Microscope – Proactivity Under the Lens

GMP Equalisation and Underpaid Cash Equivalent Transfer Values – Will Trustees Have to Trace and Compensate Members Proactively, or Can Trustees Wait for Claims? Shortly after the High Court decision commonly referred to as “Lloyds 3”, which considered the issue of guaranteed minimum pension (GMP) equalisation and the extent to which past transfers out should be … Continue Reading

GMP Equalisation Under the Microscope – Zooming in on Outstanding Top-ups

Should receiving scheme trustees chase CETV top-ups? Background It is currently generally accepted that trustees of defined benefit (DB) pension schemes are obliged to equalise benefits between male and female members to correct inequalities in guaranteed minimum pensions (GMPs), and that this extends to transferred-in benefits. Following the most recent Lloyds judgment, we now also … Continue Reading

GMP Equalisation Under the Microscope – Claims for GMP Equalisation Top-ups to Historic Transfers

Will the number of transfer top-up claims be any more predicable than the weather – can we expect a blizzard or a light flurry? Shortly after the recent High Court decision on the issue of guaranteed minimum pension (GMP) equalisation and historic transfers (the latest ruling in legal proceedings relating to a number of pension … Continue Reading

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