In Lloyds Banking Group Pensions Trustees Ltd v Lloyds Bank PLC & Ors [2020] EWHC 3135 (Ch), the court held trustees of defined benefit (DB) pension schemes must revisit and equalise guaranteed minimum pensions (GMP) between men and women where historic transfers have taken place.
Anna Rogers, senior partner, Arc Pensions Law, said: ‘Correcting past transfers could be a major admin headache but there’s room for some pragmatism.
‘What does it mean that DB trustees have to be proactive? They should find out what data they can get, and then look at what the data shows. Trustees have to do their best but the law doesn’t require perfection.
‘If the situation is complicated by later transfers out…the judge was open to the idea of compensating the member directly.’
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