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ARTICLE · 30 NOVEMBER 2020

GMP Equalisation: Court Ruling As To Past Transfers

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The High Court has issued a long-awaited follow-on judgment in the Lloyds Bank case.

United KingdomLitigation, Mediation & Arbitration
Richard Evans
Richard Evans
Ian Wright
Ian Wright
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The High Court has issued a long-awaited follow-on judgment in the Lloyds Bank case. The judgment suggests that many transfer payments made since May 1990 will need to be topped up, to allow for GMP equalisation.

BACKGROUND

In October 2018 the Court held that schemes had to equalise benefits, as between men and women, for the effect of guaranteed minimum pensions ("GMPs"). Trustees were required to adjust the benefits which they provided for service from 17 May 1990 to 5 April 1997, so as to achieve equality. Our 2018 client update provided details.

The original judgment left several questions unanswered. Chief among them was the position as regards past transfers-out. Where transfers had been made without allowing for GMP equalisation, what liability if any did the transferring trustees retain?

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