High Court ruling in November 2020 regarding GMP equalisation.

tony360

I am a member of the Teachers' Pension Scheme and would like to know if I am due any additional benefits as a result of the High Court ruling in November 2020 regarding GMP equalisation. I have contacted the Teachers' Pension Scheme and their response said:
"Teachers' Pensions will be taking reasonable steps to identify the cases involved and will contact those affected after necessary system changes have been implemented."
Has anyone else heard or seen any further information either regarding Teachers' Pensions or otherwise?

Silvertabby

tony360 said:

I am a member of the Teachers' Pension Scheme and would like to know if I am due any additional benefits as a result of the High Court ruling in November 2020 regarding GMP equalisation. I have contacted the Teachers' Pension Scheme and their response said:
"Teachers' Pensions will be taking reasonable steps to identify the cases involved and will contact those affected after necessary system changes have been implemented."
Has anyone else heard or seen any further information either regarding Teachers' Pensions or otherwise?

When did you transfer your benefits out of TPS, and where did you transfer them to?

Brynsam

Silvertabby said:

tony360 said:

I am a member of the Teachers' Pension Scheme and would like to know if I am due any additional benefits as a result of the High Court ruling in November 2020 regarding GMP equalisation. I have contacted the Teachers' Pension Scheme and their response said:
"Teachers' Pensions will be taking reasonable steps to identify the cases involved and will contact those affected after necessary system changes have been implemented."
Has anyone else heard or seen any further information either regarding Teachers' Pensions or otherwise?

When did you transfer your benefits out of TPS, and where did you transfer them to?

Not sure OP has transferred - 'I am a member...' suggests that they are either actively contributing or a pensioner. OP - far too early for anyone to be able to answer that, whichever category you fall into. It will be very many months hence before any more information emerges in respect of the TPS.

Silvertabby

Yes, but the ruling only refers to the retrospective recalculation of GMP in respect of benefits transferred out before a certain date, hence my question.

The GMP re-equalisation exercise in respect of current DB members and pensioners has been ongoing for some time, and is unlikely to result in an overall change in benefits due.

Brynsam

Silvertabby said:

Yes, but the ruling only refers to the retrospective recalculation of GMP in respect of benefits transferred out before a certain date, hence my question.

The GMP re-equalisation exercise in respect of current DB members and pensioners has been ongoing for some time, and is unlikely to result in an overall change in benefits due.

You are of course right (as usual), but I thought that nicety was probably a jump too far for the member - and was doing a bit of expectation management while I was about it!

Silvertabby

I blame the tabloids.  One in particular trumpetted that DB fund members could be in line for windfalls of £KKKs as a result of this ruling,  which is very misleading for those who don't read all the small print.

Reality is that it only applies to those who transferred out before a certain date, and any extra payment - if there is any- is more likely to be just a few hundred.

And then there's the really big problem.....  Public Sector pension schemes should have this information, even if it's in a paper archive, but I doubt that many private schemes will have kept old records beyond 7 years or so.  So no point in  asking them to re-calculate GMP value from 20 years ago.  

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