Union to Ballot Members on Pension Changes

ID: 1280219
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(businesspress24) - LONDON, UNITED KINGDOM -- (Marketwired) -- 11/06/13 -- LTU, the independent trade union representing 40,000 Lloyds Banking Group staff, has branded as naked opportunism the Group's proposal to freeze pensionable pay increases with effect from 2nd April 2014 for those staff in defined benefit or 'final salary' pension schemes. The Bank introduced a 2% pensions cap back in 2010 when it introduced new Terms and Conditions of Employment following the merger of Lloyds TSB and HBOS.

GBP 5bn In Lost Pension Benefits

LTU's analysis on benefit projections show that:

Ballot Of Members

The Bank has started a 60-day consultation process but it's a sham. Let's be clear; the Bank's Senior Management team have no intentions of listening to the views of staff or changing its plans regardless of the level of feedback. Only direct action will make the Bank change its plans.

LTU will be balloting its members on the Bank's plans shortly.

Union Comments

Commenting on the announcement today, Mark Brown, General Secretary of LTU, has said:

"Some 35,000 staff and their families are going to see their pension benefits and retirement hopes destroyed. On this issue, it would seem that the moral compass of some of the Bank's Senior Executives is so messed up it's surprising they can find their way out of Gresham Street (Bank's Head Office) to their chauffeur driven cars.

And let's be in no doubt about it: if Antonio Horto-Osorio, Alison Brittain, George Culmer and the rest of the General Executive Committee were members of one of the Group's defined benefit pension schemes they would move heaven and earth to protect their own benefits but not, it seems, those of their staff."

About LTU

LTU - with 40,000 members - is the largest independent trade union representing staff in the Lloyds Banking Group. Within the merged Bank, Accord would be the second largest union with over 26,000 staff and Unite the third, representing only approximately 6,000 staff across the Group.

For More Information

You can download a copy of LTU's Newsletter entitled 'BECAUSE YOUR FAMILY MATTERS BUT NOT IF YOU'RE IN A DB SCHEME' at .


Mark Brown
General Secretary
07595 219573

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Date: 11/06/2013 - 11:18
Language: English
News-ID 1280219
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Firma: Lloyds Trade Union
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