The High Court judgement on the second part of the Lloyds case, covering past transfers out, was handed down today. It says that trustees owed a duty to members to make a transfer payment that was correctly calculated and reflected the member’s right to equalised benefits. In some cases, trustees may have breached that duty by making an inadequate transfer payment. Trustees are not discharged from their liability by any statutory provision, scheme rules or agreement with the transferring member, nor is the duty to correct past transfers payments time barred. It appears that schemes will have to revisit transfers paid in the last thirty years to see if any top-up payments are due to these members!