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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....
Introduction On 20 February 2020, HMRC released long-awaited guidance (“the Guidance”) on some of the pensions tax issues arising when equalising benefits for the effect of GMPs. The Guidance focuses specifically on the so-called...
Introduction Following the publication of a “Call to Action” back in July, the cross industry GMP Equalisation Working Group (“the Group”) has published guidance (“the Guidance”) outlining methods that schemes could use to...
Introduction Just in time for Easter, the Government has published its long awaited guidance on using the GMP conversion legislation to help crack the GMP equalisation conundrum. The culmination of work carried out by the DWP’s industry...
Occupational pension schemes may convert GMPs into ordinary scheme benefits, provided five stringent conditions are met. Condition 1: Post-conversion benefits must be “actuarially at least equivalent to the pre-conversion...
