Trustees of UK pension schemes which include old guaranteed minimum pensions have got a bit of a dilemma on their hands at the moment. They have to equalise benefits between men and women to paper over the inherent inequality in the GMPs themselves, which means correcting past underpayments.  There are many questions raised by that, but the one I’m interested in now is how far back.  For many schemes it may be more of a judgment call than you think.  So what’s the issue?

If you realise that you owe someone money that you should have paid them back … Continue Reading