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Guaranteed Minimum Pension (GMP) Equalisation

On 26 October 2018, the High Court ruled in the Lloyds Banking Group case, that the GMP benefits for men and women under the relevant Lloyds‘ schemes should be equalised for benefits built-up between 17 May 1990 and 6 April 1997. This judgement may still be subject to an appeal.  

As the Nationwide Pension Fund like many others, was contracted-out of the Government’s State Earnings-Related Pension Scheme, it has members who may be affected by this ruling.  The Trustee will be considering the detail of the judgment with its advisers to assess how this may impact the Fund. This process may take some time to complete and further information will be provided to any affected members in due course.