By Christopher Stiles, Ian J Gordon

The High Court has handed down an important judgment on equalisation of guaranteed minimum pensions (GMPs) in Lloyds Banking Group Pensions Trustees Limited v Lloyds Bank plc and others (Lloyds).

The pensions industry now faces the cost and complexity of grasping one of its fiercest nettles – how to implement the equalisation of GMPs in practice. This Insight summarises what the problem is with GMPs, for those who are not immersed in the topic.