UK Gov't Intervenes In Lloyds Bank Pension Transfer Dispute

Law360, London (May 11, 2020, 8:49 PM BST) -- The argument that a pension trustee doesn't have to correct shortfalls in the benefits it transfers to a new provider under U.K. law is "misconceived" and "misses the point" of beneficiaries' rights, a lawyer representing the government said at trial Monday.

Patrick Halliday, counsel for the Department for Work and Pensions, told Judge Paul Morgan that Lloyds Bank PLC's and HBOS PLC's submission that a trustee can be exempt under statute from any obligation to top up former employees' benefits that were subject to discrimination claims is "contrary to public policy."

"Where the transferring trustee has miscalculated the cash equivalent, it...

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