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.… Continue Reading
Shortly after the High Court’s decision now 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 revisited, we published a summary of the decision and our initial reaction.… Continue Reading
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
Some of the questions we have been asked this week in relation to GMP equalisation, include – Do we have to equalise for GMPs? How do we do this? Do we have to make back payments? What should we tell our members? How do we deal with outstanding and new cash equivalent transfer value requests? … Continue Reading
