Pensions Minister Guy Opperman has called on pension schemes to act now on equalising guaranteed minimum pensions (GMP) payments.

He warned schemes that, as its been six months since the government publishing its guidelines on GMP, they must begin the process to equalise payments for men and women.

Opperman stated: “It’s been six months since we published our guidance, and it is time for pension schemes to act to equalise GMP payments.

“People need certainty and clarity when it comes to their retirement income. Companies should be taking steps towards equalisation such as correcting records and deciding upon a preferred methodology.”

In October 2018, the UK High Court ruled that unequal GMP payments were unlawful in a case involving Lloyds Banking Group.

Millions of savers who were contracted out between 6 April 1978 and 6 April 1997 were affected by the inequality.

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