LLoyds GMP ruling: will it really jeopardise fixed protection?

timodell

The Telegraph is running a story today implying that the potential enhancement to DB pensions as a result of the Lloyds Bank case requiring equality in GMP accrual rates (that would force scheme providers to retrospectively enhance male pensioners) could mean that anyone effected who had previously been granted fixed protection will be deemed to have made further pension contributions and thus be subject to 55% penalty tax on their pension pots in excess of the current LTA limit. Is this just scare-mongering, or is there any chance of a perverse outcome such as this?

Brynsam

GMP equalisation doesn't necessarily mean that male pensioners will have their benefits enhanced - it could be female pensioners!

Take the rest of the 'reporting' with a similarly huge pinch of salt.