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Introduction The latest addition to PASA’s suite of GMP equalisation guidance was published on 9 July 2021, the eagerly awaited GMP conversion guidance (“the Guidance”). The Guidance “provides examples of how GMP conversion is...
Introduction On 18 June 2021, the High Court handed down its judgment in the Axminster Carpets case. With Mr Justice Morgan once again at the helm, the case helps clarify the arrears and limitations aspects of Lloyds No.1. Click here for a...
Equalising benefits, particularly for the effects of unequal Guaranteed Minimum Pensions (“GMP equalisation”) has, for some time, been a pre-condition for insurers converting a buy-in policy in the name of the trustees to individual...
Introduction The latest addition to PASA’s suite of GMP equalisation guidance notes was published yesterday, the highly anticipated tax guidance (“the Guidance”). Click here for a PDF of this Alert. In this Alert Key points...
When it wasn’t equalised – doh! OK, yes it was still a transfer, but the latest ruling by Mr Justice Morgan in the Lloyds Bank GMP equalisation saga is bound to cause yet more headaches for schemes already trying to grapple with the...
Introduction Over two years on from its original decision, on 20 November 2020, the High Court handed down its judgment in the latest instalment of the Lloyds saga. It addresses the impact of the need to equalise for the effect of GMPs on...
As we are all now aware, the Lloyds judgment has made it clear that schemes must equalise for the effect of unequal GMPs accrued between 17 May 1990 and 5 April 1997. In order for trustees to move forward with GMP equalisation...
If you’re in pensions and haven’t heard of Lloyds yet, well you’ve got some catching up to do. In a nutshell, pension schemes are required to equalise benefits for the effect of GMPs accrued between 17 May 1990 and 5 April 1997....
