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Royal London and ARC Pensions Law comment on the judgement in the court case between Lloyds Bank pension scheme and some of its members on pensions equality, |
Royal London’s director of policy, Steve Webb, said: It is good news that this ruling finally provides clarity over this contentious issue. Schemes will need urgent help from government and regulators to know the best way to respond to this judgment. Members of company schemes could collectively receive a multi-billion pound windfall, but the complexity of making the necessary calculations means that members will not be receiving cheques any time soon”.
Anna Rogers, Partner at ARC Pensions Law: "Schemes do have to equalise the effect of GMPS and there is a range of permissible methods but the key is “minimum interference” from the employer’s point of view. This seems a fair way to strike a balance between members and employers given that it’s nobody’s fault that this issue has been dragging on for so long. |
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