Lloyds Banking Group Pensions Trustees Ltd v Lloyds Bank plc and others

Pension – Pension scheme. The claimant, Lloyds Banking Group Pensions Trustees Ltd, which was the trustee of three pensions schemes, commenced proceedings, seeking rulings on issues arising from the inequalities between men and women in the administration of state pensions in the UK. The Chancery Division held that, among other things, the trustee was obliged to adjust the benefits payable under the schemes in excess of the guaranteed minimum pension in order that the total benefits received by male and female members with equivalent age, service and earnings histories were equal. The defendant banks were entitled to say that the trustee had to adopt method C2 of the proposed methods of equalisation. The trustee was obliged to make back-payments to members. The equitable rate was that interest should be paid at 1% above base rate.

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