Transfers blocked following High Court ruling on GMP equalisation

Trustees Agenda posted on 12 November, 2018

Some pension scheme trustees have suspended transfer activity while they assess the implications of last month's High court ruling in Lloyds Banking Group Pensions Trustees v Lloyds Bank.

The Department for Work and Pensions has said that it will issue guidance on its suggested methodology for implementing GMP equalisation 'shortly'. A spokesperson for TPR stated that it was for trustees to decide 'what, if any, action was needed'.