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Show Us The Money
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Date: 11th May 2009
Members will recall from our previous Newsletters that the Bank has said that the decision to withdraw the Free Share Scheme for Lloyds TSB staff was because of pressure from UKFI.
The Bank has said that it had no choice in the matter and wanted to continue with the Scheme. UKFI has confirmed that position and said that one of the terms set when the Lloyds Banking Group participated in the Government Asset Allocation Scheme was that there would be no free shares for Lloyds TSB staff.
Free Shares are worth 3% of basic salaries for Lloyds TSB staff and that money, which the Bank had budgeted to spend, is still available. If the Bank wanted to spend the money and it’s been budgeted for then there is no reason why it can’t be given to staff in the form of a one-off cash payment now. We have put this proposal to the Bank and we await their response.
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