There are some key issues relating to guaranteed minimum pensions (GMP) equalisation that trustees should be aware of. This briefing sets out the practical solutions adopted by the Stephenson Harwood pensions law team to the three most common issues facing our clients as a result of the requirement to equalise GMPs.
In October 2018, the High Court confirmed in the Lloyds Banking Group judgment that pension scheme benefits had to be amended to counter the effects of unequal GMPs. A supplemental judgment was handed down in December 2018 looking at a specific method for achieving GMP equalisation. For more background please see our briefing on the Lloyds decisions here.
