On 26 October 2018, the High Court ruled in the long awaited Lloyds Banking Group case that UK pension schemes need to equalise benefits for the inequality of Guaranteed Minimum Pensions between men and women.
Clarity has been given on the methods that can be used to achieve equalisation. We have produced a briefing which explains the actions UK pension schemes will now have to take, as a result of the judgment.
Our note also outlines immediate actions to take, including accounting for the ruling, reviewing impact on current projects and interim changes to benefit calculations. Longer-term actions include determining the appropriate equalisation method for your pension scheme and then implementing a remediation exercise for past and future benefits.
KPMG is ready to support you with what will potentially be a material and challenging project.