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GMP and Lloyds Bank

GMP and LLOYDS BANK

Lloyds Bank have just lost a case that could affect other Pension Schemes.The courts have instructed them to equalise pensions payouts following a case brought forward by three women.It concerns GMP ( Guaranteed Minimum Pensions ) for employees who contracted out of the Government SERPS pensions. This was during the 1970s and schemes disputed how payments should be made . It would appear that the women complained that their GMP increased at a lower rate than the men`s.Following the Barber judgement in 1990 trustees have had to pay equal benefits to comparable men and women in relation to service from this date. The problem arises because women received their GMP at 60 whereby men had to wait until 65 which meant their benefits accrued at a faster rate.The DWP are following the judgements , which may go to appeal.It is likely to take years for the matter to be resolved.



Royal Liver Superannuitants Association