Once every few years a case comes along that changes the pensions industry. The Lloyds case is in that category. For nearly 30 years, there has been a question about whether pension schemes have to equalise for the effects of unequal guaranteed minimum pensions. Now we have the High Court’s answer – yes – and some guidance on how to do it. The cost and complexity is likely to be significant, but scheme rules could help mitigate the liability.