England and Wales Case Law

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

Lloyds Banking Group Pensions Trustees Ltd v Lloyds Bank PLC & Ors [2020] EWHC 3135 (Ch) (20 November 2020)

The High Court considered whether GMP equalisation applied to transfer-out payments and whether underpaid transfer values could require a top-up despite discharge arguments.

• Gmp equalisation
• Transfer values
• Statutory discharge
• Limitation periods
• Scheme rules
• Eu law

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

The High Court held that Lloyds pension trustees remained liable to remedy underpaid transfer values where GMP equalisation had been omitted.

• Gmp equalisation
• Transfer values
• Trustee duties
• Limitation
• Forfeiture
• Eu law

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