Article preview: Pension equality has been a hot topic for years, with equalisation of the state pension age for men and women in the UK the source of some controversy. For occupational pension schemes, equalisation is just as important. But these large pension schemes often suffer from a mix of complex rules and poor historical record keeping, creating real difficulties for scheme administrators and trustees. A High Court ruling this week could have significant implications for the majority of defined benefit pension schemes. It’s a tricky case to explain in simple language, as result of the usual complexity surrounding pension issues. At the heart of the ruling is an issue with what are known as Guaranteed Minimum Pensions or GMPs.
Pension scheme equalisation ruling poses big challenges
This 1,022 word blog post explains the High Court ruling on the equalisation of Guaranteed Minimum Pensions (GMPs) which could have significant cost implications for occupational pension schemes. Includes a comment from Royal London’s director of policy, Steve Webb. Written on 28th October 2018.
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