GMP Equalisation

wary

As I soon turn 60, I have received forms from my former employer with whom I have a small DB pension.  The covering letter makes reference to the Oct 2018 High Court ruling that pension schemes are required to equalise pension benefits between men & women for the effect of GMP accrued post 17/05/1990.

Being male, does this ruling work to my benefit, detriment or does it only impact woman’s pensions?

Does it impact annual payments or only the transfer value of the policy?

My main interest is that I have a S32 which will also commence payment from 60.  I’ll only receive the GMP element (has no transfer value due to insufficient fund value) which has been indexed up to SPA (yearly up to age 65, I believe), and will be indexed (post-88 only) at 3% going forward.  I’ve just received literature for this policy too, but there is no mention of the GMP Equalisation ruling and their indexed figure has not changed.

The main reason for this post is to verify that this is correct, and ruling will not impact the annual payments that I receive from the S32?

Thanks

xylophone

Re GMP and equalisation

https://gowlingwlg.com/en/insights-resources/articles/2020/gmp-equalisation-what-is-the-problem-with-gmps/

may help.



Re S32

https://www.pinsentmasons.com/out-law/analysis/gmp-equalisation-pension-providers-check-product-terms may be of interest.