GMP equalisation EP2: What does the 2nd Lloyds judgment mean for DB schemes?

Samantha Brown and Antonia Pegden, who lead the HSF team which has been advising the Banks in connection with the GMP equalisation litigation, discuss the judgment in the second Lloyds hearing (on the need to equalise historic transfers) and consider:- the implications for DB schemes and existing GMP equalisation projects- what the decision means for both transferring and receiving schemes- the judge's reasoning for finding that the trustees in this case did not benefit from any kind of discharge, and- the implications where trustees are aware of other errors in calculating historic transfer values.