Equalising pensions for ‘guaranteed minimum pensions’ is a big task for pension schemes following a recent High Court judgment. A landmark court ruling which two years ago ordered Lloyds Banking Group to make sure everyone’s retirement benefits are ‘equalised’ has already had a big impact on other employers.
Millions of people who saved into pensions in the 1990s are having them recalculated. With the recent ruling by the High Court this means this will also cover pension transfers made over the past 30 years.
Let’s take a look at closer look at the impact this ruling has and what means it for you and your employer?
This article by This Is Money looks at the impact on British businesses:
Click here to read this article
Will you end up with more or less?
Pensions expert Alasdair Mayes of Lane Clark & Peacock explains how both men and women could have benefited or been disadvantaged by old rules, and how the process of correcting this might affect pension payments in future:
