Lloyds Banking Group Pensions Trustees Ltd v Lloyds Bank PLC & Ors

Lloyds Banking Group Pensions Trustees Ltd v Lloyds Bank PLC & Ors

The Trustee is liable to pay top-up payments to remedy inadequate transfer payments where GMP equalisation was not reflected; this obligation is not discharged by statutory provisions, scheme rules, or discharge forms, and is not time-barred by forfeiture or limitation provisions. Interest at 1% above base rate applies.

Parties
Claimant: Lloyds Banking Group Pensions Trustees Limited; First Defendant: Lloyds Bank plc; Second Defendant: HBOS plc; Sixth Defendant: Secretary of State for Work and Pensions; Eighth Defendant: Ivan Walker
Jurisdiction
England and Wales
Judgment Date
20 November 2020
Procedural Posture
Civil / Final Judgment
Outcome
Trustee liable for top-up payments; claims not barred by forfeiture or limitation; discharge forms ineffective.
Legal Topics
GMP Equalisation, Transfer Values, Trustee Duties, Limitation, Forfeiture, EU Law, Scheme Rules, Discharge, Interest on Arrears
Pensions Trusts Employment Equality Contract GMP Equalisation Transfer Values Trustee Duties +6 more

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Parties

Lloyds Banking Group Pensions Trustees Limited

Claimant

Lloyds Bank plc

First Defendant

HBOS plc

Second Defendant

Secretary of State for Work and Pensions

Sixth Defendant

Ivan Walker

Eighth Defendant

Procedural Posture

Civil / Final Judgment

Legal Issues

  1. 1 Does the Trustee's obligation to equalise apply to transfers out?
  2. 2 Is the Trustee discharged from liability after making a transfer payment?
  3. 3 What remedies are available for inadequate transfer payments?

Ratio Decidendi

The Trustee is liable to pay top-up payments to remedy inadequate transfer payments where GMP equalisation was not reflected; this obligation is not discharged by statutory provisions, scheme rules, or discharge forms, and is not time-barred by forfeiture or limitation provisions. Interest at 1% above base rate applies.

Court Disposition

Trustee liable for top-up payments; claims not barred by forfeiture or limitation; discharge forms ineffective.

Orders

  • Trustee must pay top-up payments to remedy inadequate transfers reflecting GMP equalisation.
  • Interest at 1% above base rate to be added to top-up payments.