Broadstone dismayed by lack of equality

As the controversial same-sex marriage bill is debated, the government continues to reject pensions equality, which would be the least controversial element if the Bill is passed. At a commons debate the cost of equality has been estimated at a paltry £18m (small in the greater context of the enormous pensions industry).

David Brooks, Pensions Consultant at Broadstone Corporate Benefits commented:

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020 7893 2262 David Brooks

“as we expected, the cost to pension schemes and employers for providing statutory equal death benefits for same-sex and opposite sex married couples is a fraction of the cost of equalising GMP benefits (the contracted-out benefits earned by individuals between 1978 and 1997). Estimates vary, but GMP equalisation could cost employers over £10bn in increased liabilities and £300m in administration costs. The Government’s inconsistency here is very surprising as, on one hand they call for gender equality but on the other they have rejected sexual orientation equality with little justification other than a reference to it having a cost which now turns out to be miniscule."

David Brooks

Technical Director

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