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Financial Reporting Alerts

Issued as needed to highlight up-to-the-minute accounting, regulatory, or other developments that may require immediate action or that may affect financial reporting and disclosure.

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Most Recent Financial Reporting Alert

Financial reporting considerations related to high court of justice ruling on equalization of U.K. pension benefits

Financial Reporting Alert 18-13 

On October 26, 2018, the High Court of Justice in the United Kingdom (the “High Court”) issued a ruling (the “Court Ruling”) requiring Lloyds Bank plc to equalize benefits payable to men and women under its U.K. defined benefit pension plans by amending those plans to increase the pension benefits payable to participants who accrued such benefits during the period from 1990 to 1997. The inequalities arose from statutory differences in the retirement ages and rates of accrual of benefits for men and women related to Guaranteed Minimum Pension benefits that are included in U.K. defined benefit pension plans. In its ruling, the High Court also provided details on acceptable alternative methods of amending plans to equalize the pension benefits.

 

FRA 18-13, Financial reporting considerations related to high court of justice ruling on equalization of U.K. pension benefits
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