You may have heard in the news recently about an important High Court ruling that Guaranteed Minimum Pensions (GMPs) must be equalised for men and women.
While the judgment relates specifically to the Lloyds Banking Group pension scheme, it’s likely to create a precedent for other UK defined benefit schemes with GMPs, like ours. It could affect you if you were a member of the Sony UK Pension Scheme between 17 May 1990 and 5 April 1997.
Official guidelines on how GMPs should be equalised are not yet available, but the Trustee is monitoring the situation and working with its advisers as required.
You don’t need to do anything as we will contact any members who are affected by this in due course. However, working out how to adjust benefits is a complex process, which could take many months, even years to complete. We will bring you further updates when more information is available.
In the meantime, we will continue to provide benefits on the current basis and work with our administrators to make sure that as far as possible all member options remain available. You can find further information about GMP equalisation here.