Friday, 26 October 2018

A High Court makes '£15bn pension ruling'



A High Court ruling on gender equalisation of pension payouts could have an estimated £15bn effect on major pension schemes.

 
In the case, closely watched by the industry and government, three female members of Lloyds Banking Group's pension scheme challenged the bank.


It surrounded the use of Guaranteed Minimum Pensions in the 1990s.


Consultants LCP recently estimated that the wider impact of the case could cost major companies £15bn.


However, there will now be widespread discussion on how this decision should be interpreted. This will mean people in retirement are likely to have a further wait for any extra pension payouts, and those payments could be relatively small. For a handful of people, this could mean an extra £1,000 a year, according to LCP.





BBC      News.