UK: Lloyds to pay £150 mln. to female members of its pension scheme over gender discrimination lawsuit
Author: Rob Davies, The Guardian, Published on: 29 October 2018
"Lloyds faces bill of up to £150m in pensions discrimination ruling", 26 Oct 2018
...The high court ruled Lloyds should equalise pension payments for men and women, after three women brought a case against the bank, complaining that their pension incomes were increasing at a lower rate than those of male counterparts. Almost 3,000 members of BTU, the trade union representing Lloyds staff, later joined the case...The BTU estimates 35,000 scheme members will see their annual retirement income rise by more than £500, with a further 8,000 members gaining £3,000 or more. It believes the ruling will also lead to higher payments for 5 million members of more than 6,000 other retirement schemes, most of them female...The case revolved around guaranteed minimum pensions...for employees who contracted out of state pensions, allowing them and their employer to pay lower national insurance...Existing rules allow GMPs to be lower for women, due to their earlier retirement age. But the Lloyds ruling could force thousands of other companies to follow suit by equalising payments...
Related companies: Lloyds