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Bank Accused of Robbing Widows
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Date: 3rd Feb 2005
In the next few weeks Lloyds TSB will announce that in 2004 it produced pre-tax profits of approximately £3.5billion.
Despite this level of profits, in September last year the Bank decided to abandon its policy of making payments to widows of Bank pensioners in the Lloyds TSB Number 1 Pension Scheme. The widows of those pensioner members of the Lloyds No 1 Scheme who joined the Bank before 1996, and who died five or more years after retirement, were previously awarded a tax-free payment equal to two months pension.
Mark Brown, Assistant General Secretary said, “The real reason for withdrawing this valuable benefit is the Bank’s desire to cut costs. The fact that this is at the expense of some of the most vulnerable members of our society is something of which the Bank's Senior Management should be ashamed. The Bank has withdrawn this benefit without any discussions whatsoever and has so far not even bothered to tell the pensioner staff affected. Widows who have just buried their loved ones will only find out that this benefit has been withdrawn when they contact the Bank's Pensions Department to discuss their widows' pension and the payment of the two month pension gratuity. This type of corporate arrogance is unworthy of Lloyds TSB.”
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