Guaranteed Minimum Pension (GMP) – an update

In October 2018, the High Court ruled in the Lloyds Banking Group case that the Guaranteed Minimum Pension (GMP) benefits for men and women should be equalised for benefits built-up between 17 May 1990 and 6 April 1997. There were however some matters that required clarification and further hearings were held.

Nationwide Pension Fund, like many others, was contracted-out of the government’s State Earnings-Related Pension Scheme and has a number of members who may be affected by this ruling.

On 20 November 2020, the High Court made a further determination on this matter, specifically to confirm that past transfers out of pension schemes were potentially in scope of the GMP equalisation requirements.

Since then, the Trustee has been working closely with Buck and its advisers to confirm any impact. The Trustee will communicate directly with any affected members and hopes to confirm any changes to individuals in Quarter 3 2024.