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While all the talk at Westminster over the past few weeks has been about “legal backstops”, judging from the consultation on DB consolidation, the talk at Caxton House has clearly been about “regulatory gateways”. Whilst the constitutional significance of these two legal mechanisms cannot be compared, there are a few striking similarities worth drawing out Read more
A further judgment has been handed down today by the High Court in Lloyds Banking Group Pensions Trustees Limited v Lloyds Bank Plc and others. The latest instalment in this case, which concerns the need to equalise pensions for the effect of guaranteed minimum pensions (GMPs), follows a short hearing on 3 December 2018 and clarifies … Read more
If you would like to view the recording of this webinar please contact Jane Webber. Recording: – Originally broadcast Monday 19 November 2018 Following a UK Cabinet meeting on Wednesday 14 November the UK Government has announced support for the text of a draft Withdrawal Agreement agreed with EU negotiators. This is the agreement setting out the … Read more
As we previously reported, the High Court has ruled that trustees are required to equalise male and female members’ benefits for the effect of guaranteed minimum pensions (GMPs). Subject to an appeal by any of the parties to this judgment, trustees and sponsors need to take prompt action to implement equalisation in their schemes. However, … Read more
So, the High Court has ruled that trustees are required to equalise benefits for male and female members under their scheme for the effect of GMPs. This judgment impacts all schemes which were contracted-out between 17 May 1990 and 5 April 1997 and which provide GMPs. There are a number of questions which remain unanswered … Read more
In a landmark judgment, the High Court has ruled that pension schemes are required to equalise male and female members’ benefits for the effect of guaranteed minimum pensions (GMPs). This will increase the liabilities of affected schemes, a cost that will ultimately need to be met by employers and which may need to be reflected … Read more
In the first of what will likely be a number of consultations following the Government’s White Paper, “Protecting Defined Benefit Pension Schemes”, the Department for Work and Pensions (DWP) has launched its consultation on extending the Pension Regulator’s enforcement powers and the notifiable events regime (available here). Should the proposals be introduced as currently outlined, … Read more
