GMP High Court Ruling

betty66

Hi
Does anyone have any information on the GMP High Court Ruling announced in the financial times on 20/11/2020?
Is this something we should be looking into with our trustees?

zagfles

Definitely something all trustees of contracted out schemes pre 1997 need to look at!

Dox

betty66 said:

Hi
Does anyone have any information on the GMP High Court Ruling announced in the financial times on 20/11/2020?
Is this something we should be looking into with our trustees?

Of course it is (assuming you are for real and not trolling - hard to believe a board of trustees wouldn't know about this). Ask the scheme lawyers to advise, in liaison with the scheme actuary and administrators. 

jamesd

Yes! It's effectively certain that any scheme that saw transfers out is going to have to make smallish equalisation payments to some men and/or some women who transferred out. Can be either or both depending on the specifics for each person. It's likely to cost more in administration than in amounts paid.

betty66

Thanks guys I'm new to pensions but was interested to read this article.  My husband is on a GMP which saw a huge reduction when he became eligible for state pension which we were not expecting.  Any amount will help us.

Silvertabby

betty66 said:

Thanks guys I'm new to pensions but was interested to read this article.  My husband is on a GMP which saw a huge reduction when he became eligible for state pension which we were not expecting.  Any amount will help us.

'A huge reduction at State pension age' doesn't sound like this issue.  Is his occupational pension a 'claw back' scheme - ie, pays a higher rate until the State pension kicks in?  If so, that will have been fully explained in his pension scheme booklet.

betty66

No it's not related to this issue but it definitely wasn't explained to us what would happen.  Our fault I know but hard when you realise what you signed when you were in your 20's!

ianthy

I have emailed the pension trustees from my ex DB scheme asking them to confirm if there was an impact on my transfer value. Awaiting a reply.

Silvertabby

ianthy said:

I have emailed the pension trustees from my ex DB scheme asking them to confirm if there was an impact on my transfer value. Awaiting a reply.

Don't hold your breath.  It will take years to work through all the re-calculations.