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HMRC has issued further guidance on the tax implications of implementing GMP equalisation. The guidance is helpful and pragmatic. It outlines several options for making a top-up payment to correct historic transfer values. It also helps clarify the impact of GMP conversion for annual and lifetime allowance purposes for pensioners. However, it does not resolve … Read more
Welcome to the latest edition of our Pension Disputes bulletin. In this edition we examine: the significance of the Axminster Carpets judgment when relying on discretionary forfeiture rules in GMP equalisation and other benefit correction exercises the impact of the new pensions criminal offences and regulatory sanctions the Pensions Ombudsman’s guidance on member communications the … Read more
A recent judgment concerning scheme liabilities and the interpretation and operation of a scheme’s forfeiture rules in the context of a benefit correction exercise may impact the scope for trustees to rely on their scheme’s forfeiture rule to limit back payments in the context of GMP equalisation or where back payments are due for other … Read more
2020 was undoubtedly an unprecedented year, dominated of course by the impact of Covid-19 and here in the UK, by the preparations for Brexit. The year may (finally) be over, however, these themes are likely to continue to dominate the agenda in 2021. Nevertheless, with vaccines being rolled out and a Brexit deal agreed, there … Read more
2020 has been a uniquely challenging, unpredictable and eventful year, dominated (as we all know too well) by the impact of Covid-19, which has changed the way we live, work and do business, and also by the preparations for Brexit. Both of these themes will undoubtedly continue to dominate the economic and political agenda in … Read more
Welcome to the latest edition of our quarterly pensions disputes bulletin. In this edition we cover: the 2nd judgment in the Lloyds Bank GMP equalisation litigation and new guidance relating to GMP equalisation key developments in relation to the Pension Schemes Bill the predicted rise in Covid-related complaints to the Pensions Ombudsman recent cases on transfers, insurance, investment, … Read more
We thought it would be helpful for our listeners if we considered some of the key pensions-related themes and risks that we expect to emerge in 2021. Therefore, in our latest pensions podcast Rachel Pinto and Michael Aherne from our UK pensions team discuss their predictions for 2021 relating to: the new offences and regulatory … Read more
Listen to our latest pensions podcast as Samantha Brown and Antonia Pegden, who lead the HSF team that has been advising the Banks in connection with the GMP equalisation litigation, discuss the judgment in the second Lloyds hearing (on the need to equalise historic transfers) and consider: the implications for DB schemes and existing GMP … Read more
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
