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LTU Campaigns for Elected Trustees for TSB Staff
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Date: 28th May 2004
One of the main provisions of the Pensions Act 1995 was that members of a pension scheme could elect at least one third of the scheme's trustees.
Members of the LTSB Group Trust No 1 and Offshore Banking Pension Schemes had the opportunity to stand and vote in elections last year, but those basic democratic rights have been denied to members of the LTSB Group Trust No 2 Scheme, which is entirely made up of TSB heritage staff.
The process can be carried out by either a straightforward election amongst the members, which is what happened for Lloyds Bank heritage staff, or by the employer opting out if agreement could be reached on the appointment of member nominated trustees. This is what was agreed for the No 2 Scheme following a deal between the Bank and Unifi.
LTU believes the same process which was used last year to nominate and then elect Trustees for the Group No 1 and Offshore Pension Schemes should be used to elect Member Nominated Trustees to the Group No 2 Scheme.
It is totally unacceptable that TSB heritage staff are denied the legitimate right to choose their Member Nominated Trustees. That view is supported by the Government who have recently published the Pensions Bill (2004) which makes it clear that in future at least one-third of a trustee board will have to be nominated and elected by members.
Mark Brown, Assistant General Secretary of LTU, said “The Bank should do what’s right now rather than waiting for the Bill to become law and then be forced to produce a democratic structure.”
LTU will be writing to TSB heritage staff seeking their support for our campaign for elected Member Nominated Trustees.
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