Defined Benefit  

Pension transfers put on hold due to Lloyds court case

"Looking at the approach they will take on transfer values is most pressing for schemes with higher levels of transfer activity or bulk exercises on the go."

A TPR spokesperson said: "It is for trustees to decide what, if any, action is needed for their scheme to provide equal pensions following the recent judgment. A number of methodologies have been set out, including by the DWP, and trustees will need to decide which is most appropriate for their scheme. Trustees will need to engage with their sponsoring employer(s) about how any underpayments should be handled.

"Where trustees have concerns about the possible impact on transfers out of the scheme, they should consider taking legal advice. Trustees should be clear to relevant members requesting a transfer or a transfer value where their entitlement may be impacted by GMP equalisation."

The DWP and FCA have been approached for comment.