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Lloyds: High Court rules on GMP Equalisation

Published by John Cormell on

The High Court has published its judgement in the case of Lloyds Banking Group Pension Trustees Limited vs Lloyds Bank plc (and others). The case was concerned primarily with the requirement to equalise pension benefits for the effects of unequal Guaranteed Minimum Pensions (GMPs) – referred to colloquially (and in this update) as “GMP equalisation”, even though the GMPs themselves are not generally to be made equal.

The key conclusion of the case is to confirm that formerly contracted-out schemes are required to equalise GMPs, and whilst there are several methods for doing this the Court has identified which it considers legally robust.

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Lloyds: High Court rules on GMP Equalisation
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About the authors

  • John Cormell

    John acts as Scheme Actuary to a number of his clients and is also one of the firm’s experts in guiding pension schemes through PPF Assessment Periods.

    View Biography

  • Richard Gibson

    Richard is a qualified actuary, advising pension scheme trustees and corporate sponsors on managing the risk exposure within pension arrangements.

    View Biography

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