GMP equalisation – clarification on requirements for past transfers out

The long-awaited conclusion to the guaranteed minimum pensions equalisation litigation, concerning the Lloyds Banking Group’s defined benefit scheme, was handed down on Friday, 20 November 2020. It comes two years after Morgan J’s first judgement in this case, which determined that DB schemes were obliged to equalise scheme members’ GMPs. In the October 2018 judgment, Morgan J left the question unanswered of whether historically transferred-out members were entitled, under the cash equivalent transfer value regulations, to have their transfer payments topped up where those payments had not been equalised at the point of transfer.