You may be aware that the Trustees have been in discussions with their advisers as to the steps the Scheme should take with regards to the “equalisation” of certain pension benefits. These discussions are as a result of a decision by the High Court in 2018 that pension schemes should equalise benefits between women and men who have guaranteed minimum pensions (GMPs) (see here for the Scheme’s news alert on this decision: https://www.btpensions.net/news/gmp-court-ruling).
The High Court was asked to provide further clarification in respect of some aspects of the Court’s 2018 judgement. Following further hearings of the High Court conducted remotely in May and October 2020, the Court handed down its decision on 20 November 2020. This decision provides additional guidance on how members who have transferred out of pension schemes in the past should be treated with regards to GMP equalisation.
This is a highly complex area and it is likely to take some time to fully understand the implications of the Court’s decision. The Scheme’s website will continue to be updated with the latest news on this matter and any impacted members will be contacted in due course.