Pensions - Articles - Lloyds bid to equalise GMPs

Pensions lawyer Anna Rogers, Senior Partner at ARC Pensions Law commented on the news that Lloyds has launched a joint bid with pension trustees and unions to equalise GMPs,

 "The case is about whether benefits have to be increased to account for gender difference arising from unequal GMPs. GMPs themselves were created by statute to replace the earnings related part of the State pension, and both are payable to men at 65 and women at 60.

 Whether 60 or 65 is better depends on the circumstances, but broadly the discrimination is against men, not women. The case isn’t a bid to equalise - Lloyds can do that if they want - it is to ask the Court to give a clear ruling on what has to be done.

 Employers generally don’t want to spend more unless they have to. The trustees will be neutral, and those members who stand to gain will be happy to see an increase in benefit."

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