We are still continuing to work with our advisers to determine the next steps, as are the trustees of many other UK pension schemes. The process is complex and may be affected by future developments — for example, further court proceedings (including any appeal of the Lloyds Bank ruling) or guidance or legislation from the Government. It may take several years before we are able to communicate any adjustment that may be required to benefits for any member impacted.
Further updates will be communicated in future on the Plan website over time. No member’s benefits will be reduced as a result of the court ruling.
You do not need to take any action at this stage.