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Member Nominated Trustees.
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Date: 5th Feb 2008
Member Nominated Trustees
5th February 2008
The Pensions Act 2004 introduced new requirements relating to Member Nominated Trustees which came into force on the 6th April 2006. The Lloyds TSB No 1 Pension Scheme (Lloyds heritage) complies with the legislation, but the Lloyds TSB No 2 Pension Scheme (TSB heritage) doesn’t and the existing trustee structure will need to change.
In Lloyds TSB the Trustees have decided to put in place a selection and election process and have resisted straightforward democratic elections based on one member, one vote. Mark V Brown, Assistant General Secretary, has said that “Whilst they can do that and are operating within the law and have moved away from appointment of MNT’s based on selection only, LTU believes that straightforward democratic elections would be a fairer and more transparent system.”
He went on to say that “LTU’s Executive Committee would be putting forward one candidate for the Lloyds TSB No 1 Pension Scheme and two for the Lloyds TSB No 2 Pension Scheme.”
For more information please go to the Newsletter section of the LTU website.
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