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Pensions And Terms & Conditions
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Date: 24th Mar 2010
Lloyds’ decision to impose severe reductions in the benefits of staff in its final salary pension schemes was made despite the clearest possible rejection in its own consultative exercise and overwhelming votes against acceptance in LTU’s ballot.
The Bank’s move will have surprised no-one in Lloyds TSB but has caused evident shock in parts of HBOS, where many staff and the Accord union clearly believed that this sort of thing would never happen.
Not surprisingly we’ve received a large number of calls for an industrial action ballot.
The Bank’s stated intention of carrying on talking about new terms and conditions whilst imposing the pension change should fool no one. This is about trying to separate the two issues to make it more likely that there will be some acceptance of the new terms and conditions: nothing more.
Lloyds will hope to divide opposition by gaining support for the new terms from at least some staff in the final salary schemes and most people in the defined contribution schemes.
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