Pensions - Articles - Government continues to reject pensions equality

 As the controversial same-sex marriage bill is debated, the government continues to reject pensions equality, which would be the least controversial element, if the Bill is passed. At a commons debate the cost of equality has been estimated at a paltry £18m (small in the greater context of the enormous pensions industry).

 David Brooks, Pensions Consultant at Broadstone Corporate Benefits commented:

 “As we expected, the cost impact on schemes and employers for providing statutory equal death benefits for same-sex and opposite married couples is a fraction of the cost of equalising GMP (the contracted-out benefits earned by individuals between 1978 and 1997). Estimates vary, but GMP equalisation could cost employers over £10bn in increased liabilities and £300m in administration costs. The government’s inconsistency here is very surprising as on one hand they call for gender equality but they have rejected sexual orientation equality with little justification.”