Lloyds Banking Group is facing a legal challenge to close the gap in pensions for its female staff. The action relates to guaranteed minimum pensions (GMPs), whereby companies provided an equivalent pension to those wanting to top up their retirement savings. The Lloyds Trade Union, which has 30,000 members, has begun action against the bailed-out bank over an issue it estimates could cost major UK companies £20bn. “It’s been accepted by almost everyone that GMPs are by their nature discriminatory between men and women,” the LTU said. He said: “GMPs is one of the last bastions of pensions discrimination and the issue needs to be resolved now.

Source: The Guardian August 08, 2016 11:03 UTC