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

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

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

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

Back in March, the cross-industry Guaranteed Minimum Pension (GMP) Equalisation Working Group issued guidance on GMP rectification. It outlines what trustees need to consider when combining GMP rectification with the GMP equalisation project, in light of the Lloyds judgment. The guidance covers four key steps that trustees need to take: 1. Understand the data a) … Read more