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LTU Call To Action On Early Valuation
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Date: 14th Sep 2007
The Trustees of the Lloyds TSB No 1 and No 2 Pension Funds had rejected LTU’s proposal to bring forward the next full actuarial valuation rather than waiting for it to be carried out next year. LTU have received no explanation from Ewan Brown, the Chairman of the Trustee Board, for the Trustees decision despite sending a detailed letter.
In response LTU has put together a series of letters for members of the LTSB No 1 and No 2 Pension Funds to sign and send to the Chairman of the Trustees asking for information about the deliberations of the Trustee Board and details of the legal and actuarial advice received by the Trustee Board on the specific issue of bringing forward the next full evaluation.
Mark Brown, Assistant General Secretary of LTU, has said “The Chairman of the Trustee Board may feel that he doesn’t have to justify the decision of the Trustees to LTU but he and the Trustees most certainly do have to account for their actions to members of the pension scheme on whose behalf they act. The Trustees can ignore us but they can’t ignore them.”
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