|
|
|
 |
LTU Respond To Ewan Brown
|
Date: 1st Apr 2007
Ewan Brown, Chairman of the Lloyds TSB Group Pension Schemes No 1 and No 2 who is also Chairman of Lloyds TSB Scotland and a Non-Executive Director, has written an open letter to staff accusing LTU of making a number of misleading statements in respect of the funding of the pension schemes.
What is not clear say LTU is whether the letter was issued by Ewan Brown in a personal capacity or on behalf of the Trustees of the Pension Schemes. If it was in a personal capacity then that should have been made clearer to staff but the Union understands that his statements were not approved by the Trustees.
Mark Brown of LTU has said that the Chairman’s “letter is an important contribution to the debate about the funding of the Lloyds TSB Pension Schemes because it reveals still further the extent to which the Bank is going to avoid a proper examination of its pension fund ‘black hole’.
Given the number of Newsletters we have written on this important subject over the last few months Mr Brown fails to address directly any of the issues raised by Hymans Robertsons, the actuaries who have highlighted the scale of the potential problems in their two reports. He says we have misled staff on the size of the pension fund deficit but doesn’t say how we have misled them. If Mr Brown’s wants to pursue his arguments further then he needs to produce more analysis and rather less polemic.”
 |
|
|
|
