Associated British Foods plc – Annual report – 15 September 2018
Industry: food and drink, retail
- Employee entitlements (extract)
UK defined benefit scheme (extract)
On 26 October 2018, the UK High Court ruled that GMPs must be equalised for inequalities in retirement ages between men and women for all service after 17 May 1990. The ruling outlined a number of potential approaches to achieve the equalisation of GMPs. The ruling may be subject to appeal but if it stands, it is probable that the Scheme will be required to record additional liabilities.
The Company is working with the Scheme trustees to determine the potential cost. At this early stage, it is not possible to provide a reliable estimate of that cost because of the number of potential approaches, the long time period and the likely number of individuals affected.