Lloyds Banking Group staff are represented by an independent trade union committed to protecting their interests and their interests alone. LTU is not affiliated to the TUC or any political party and we are free to determine and pursue the best policies for Lloyds Banking Group staff.

LTU represents members in Lloyds, Scottish Widows, Halifax, BOS and the other companies within the Lloyds Banking Group.


LATEST NEWS


Are The Severance Terms Contractual?

07 Jul 2017

The issue of whether the Bank’s severance terms are contractual or non-contractual has come up in a number of legal cases LTU has been involved in over the years. The Bank’s Job Security Policy makes it clear that the enhanced redundancy terms for HBOS staff employed before 1st January 2012 “are non-contractual and are in effect until 31st December 2017”. In respect of Lloyds heritage staff, the Bank’s Job Security Policy is silent on whether the severance terms are contractual and nor does it set out a date for the expiration of the terms. Whether the terms are contractual or non-contractual is very important in the current climate. If there is ambiguity the Bank can simply say in any legal dispute that the terms are non-contractual and the member of staff is not entitled to the enhanced severance terms. But if the Lloyds terms are contractual and there is no end date, then members of staff are entitled to those terms whether they are made redundant next year or the year after that. And let’s not forget, the Bank is due to announce the results of its next strategic review in February 2018 and that’s inevitably going to result in more job losses and more branch closures. That’s why the issue is important. Equally, we are aware of mutterings that the Bank is planning to do away with the severance terms for heritage Lloyds and HBOS staff at the end of the year.

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