Equalising Pensions

High Court Judgement October 2018

On Friday 26th October the High Court gave its judgement regarding the equalisation of pensions for men and women. The judgement affects Guaranteed Minimum Pension (“GMP”) built up in any UK pension scheme which was contracted out of the State Second Pension between 17 May 1990 and 5 April 1997.

The Co-op schemes which are affected are The Co-operative Pension Scheme (“Pace”), the Somerfield Pension Scheme, the United Norwest Co-operatives Employees’ Pension Fund and the Plymouth and South West Co-operative Society Limited Employees’ Superannuation Fund.

Although the High Court has made a decision, it is possible that one of the parties involved in the case could appeal the decision.

If there are any appeals then once a final decision is available the Trustee of Pace and the Trustees of the other affected Co-op schemes will work out how the decision affects their members with a GMP and write to them with details. This is a complicated process and it is likely to take some time. The GMP is usually only a small part of the pension, and so it is likely that there will be little or no change to your pension.