British banking group Lloyds has to face a legal challenge at the employment tribunal over pensions that are said to discriminate against female staff in terms of the supplementary pension system called the guaranteed minimum pension (GMP). This landmark case could snowball into British companies having to pay millions to all adversely affected females.
For the Lloyds Trade Union (LTU), this case is a “£20 billion pensions discrimination time bomb”, which could end up sending shockwaves to other British businesses. Lloyds Bank is not the sole business to have opted for the GMP system, which was implemented in 1978 and operated until 1997. During this period employees could choose to opt out of the then State Earnings-Related Pension Scheme, under the proviso that were they to do so they would then join a company scheme guaranteeing the same mi
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