Lloyds pensions ruling: much needed clarity provided on guaranteed minimum pensions
Following last month’s landmark High Court ruling on Guaranteed Minimum Pensions (GMPs), namely that Lloyds Banking Group must equalise some legacy benefits for men and women, the newspaper headlines were perhaps predictable. The focus, even from the BBC and The Times, was that gender equalisation of pension pay outs could have a potentially detrimental effect, adding £15-£20bn to the costs of UK defined benefit pension schemes....