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FT: Thousands in line for final salary pension payouts after High Court ruling

newlyretired
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FT: Thousands in line for final salary pension payouts after High Court ruling

#358692

Postby newlyretired » November 21st, 2020, 10:51 am

This is an article in today's FT:
https://www.ft.com/content/a16a6380-6d4 ... f074e812cc
which reports that different GMP payments to men and women were unlawful.

Is it men or women who are likely to benefit now from the equalisation payments?

newlyretired

pochisoldi
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Re: FT: Thousands in line for final salary pension payouts after High Court ruling

#358704

Postby pochisoldi » November 21st, 2020, 12:21 pm

newlyretired wrote:This is an article in today's FT:
https://www.ft.com/content/a16a6380-6d4 ... f074e812cc


Subscription required.

Dod101
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Re: FT: Thousands in line for final salary pension payouts after High Court ruling

#358705

Postby Dod101 » November 21st, 2020, 12:21 pm

As the argument is that women have a longer life expectancy than men at any given age, they would have had a smaller pension assuming the contributions were equal, and in the topsy turvy world we now live in, pension providers have been told to ignore that and make the payments the same so women I assume are going to the main beneficiaries. This only applies to Final Salary schemes which are of course now mostly closed so I suppose there is bound to be a question mark as to whether these closed schemes have got the resources to pay, and if not do the employers have any liability?

I have not read the judgement.

Dod
Last edited by Dod101 on November 21st, 2020, 12:26 pm, edited 1 time in total.

ursaminortaur
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Re: FT: Thousands in line for final salary pension payouts after High Court ruling

#358706

Postby ursaminortaur » November 21st, 2020, 12:24 pm

pochisoldi wrote:
newlyretired wrote:This is an article in today's FT:
https://www.ft.com/content/a16a6380-6d4 ... f074e812cc


Subscription required.


Try googling the article headline :

Thousands in line for final salary pension payouts after High Court ruling


You should then be able to access the article without a subscription.

Dod101
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Re: FT: Thousands in line for final salary pension payouts after High Court ruling

#358715

Postby Dod101 » November 21st, 2020, 12:44 pm

I should go back to sleep because I seem to be totally wrong. I have just found an item in The Times which gives an explanation which I have not found in the FT article.

It tells us that the main beneficiaries are likely to be men 'who would have been underpaid because of a later retirement age (than women)'. It sounds horribly complicated and the pensions minster is quoted as saying it is going to take months if not years to sort it out.

Dod

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Re: FT: Thousands in line for final salary pension payouts after High Court ruling

#358746

Postby anon155742 » November 21st, 2020, 1:40 pm

I think that the next obvious step is to recompense all the men who had to previously retire at a later age than women


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