Judge rules trustees are required to top-up historic cash equivalent transfer values in 2nd Lloyds judgment

The judgment in the 2nd instalment of the GMP equalisation litigation involving Lloyds Banking Group’s defined benefit (DB) pension schemes, has been handed down today (Friday, 20 November 2020). The judgment confirms that trustees of DB schemes that provide Guaranteed Minimum Pensions (GMPs) are required to revisit and, where necessary, top-up historic cash equivalent transfer … Read more

HSF Pensions Round Up – October 2020

Here is a round-up of the pensions blogs and briefings that we have posted during the past month. Some of these have been broadcast but several have not, to avoid sending you too many emails. Read more

HSF Pensions Round Up – September 2020

Here is a round-up of the pensions blogs and briefings that we have posted during the past month. Some of these have been broadcast but several have not, to avoid sending you too many emails. Read more

Pensions Planner – September 2020

The latest edition of our quarterly Pensions Planner is here. Click on the image below to download your copy. The Planner and our handy timeline will help you keep up to date with the latest developments in pensions law and practice and identify the key pensions issues that your scheme or organisation needs to address in the … Read more

Webinar: Public law for pension professionals

On 16 September 2020, we hosted a webinar on public law for pension professionals . The matters that pension professionals deal with will often bring them, either directly or indirectly, into the legal framework which governs the actions of public authorities. This can be anything from considering the validity of: regulatory action taken by the … Read more

Government’s terms of reference for review of the judicial review process

Upon the Government announcing on 31 July a review of judicial review and the membership of the review panel, the Government also published its terms of reference (the “Terms of Reference”) for the review. The review will focus on whether reform to the judicial review process and other aspects of public law decision making is … Read more

HMRC publishes latest GMP equalisation tax guidance on lump sums and top-up payments

HMRC recently published the second instalment of its guidance on the tax consequences of implementing GMP equalisation. While the guidance provides clarity and offers solutions in some areas, it also identifies some potential problems for schemes, in particular, raising the prospect of trivial commutation lump sums that have previously been paid being treated as unauthorised … Read more

EWG issues guidance on GMP equalisation and data issues

The cross industry GMP Equalisation Working Group (EWG) has published its latest guidance paper on the common data issues associated with implementing GMP equalisation. Whilst the guidance offers potential solutions to a variety of common data issues that schemes may face, as it acknowledges, the solutions described are not exhaustive and trustees will ultimately need … Read more