The High Court held on 26 October 2018 that pension schemes must equalise for the effect of guaranteed minimum pensions (GMPs) providing different benefits for men and women. This decision will have some effect on most defined benefit schemes.
The recent case of Lloyds Banking Group Pension Trustees limited v Lloyds Bank and others 2018 EWHC 2839 has confirmed that trustees have a legal obligation to equalise GMP benefits. The Court’s decision will potentially affect both men and women, pensioners and non-pensioners.
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