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

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

For Method D2, the actuary is permitted to determine the higher of the actuarial equivalents of the unequalised female and male pensions and is not compelled to use the actuarial equivalent of the equalised pension. Prior equalisation under Method C2 is not a precondition for adopting Method D2.

Parties
Claimant: Lloyds Banking Group Pensions Trustees Limited; Defendant: Lloyds Bank PLC; Defendant: HBOS PLC; Defendant: Angela Sharp; Defendant: Judith Cain; Defendant: Susan Dixon; Defendant: Secretary of State for Work and Pensions; Defendant: Her Majesty’s Treasury
Jurisdiction
England and Wales
Judgment Date
06 December 2018
Procedural Posture
Civil / Post Judgment Consequential Hearing
Outcome
Order made as drafted, excluding the words in square brackets.
Legal Topics
GMP Equalisation, Pension Scheme Conversion, Actuarial Calculation Methods
Pensions Trusts Employment GMP Equalisation Pension Scheme Conversion Actuarial Calculation Methods

Case Brief

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Parties

Lloyds Banking Group Pensions Trustees Limited

Claimant

Lloyds Bank PLC

Defendant

HBOS PLC

Defendant

Angela Sharp

Defendant

Judith Cain

Defendant

Susan Dixon

Defendant

Secretary of State for Work and Pensions

Defendant

Her Majesty’s Treasury

Defendant

Procedural Posture

Civil / Post Judgment Consequential Hearing

Legal Issues

  1. 1 Whether Method D2 for GMP conversion requires prior equalisation under Method C2
  2. 2 Whether actuary must use actuarial equivalent of equalised or unequalised pensions for Method D2

Ratio Decidendi

For Method D2, the actuary is permitted to determine the higher of the actuarial equivalents of the unequalised female and male pensions and is not compelled to use the actuarial equivalent of the equalised pension. Prior equalisation under Method C2 is not a precondition for adopting Method D2.

Court Disposition

Order made as drafted, excluding the words in square brackets.

Orders

  • Declaration that Method D2 is a lawful method to which the Banks could consent, without requiring prior adjustment under Method C2.