Culture Wars In Lloyds

Members will recall that in one of our previous Newsletters we discussed in detail the bank’s new retail strategy. Whilst the new value treatment strategies are all very interesting, our concern is about how the rush for growth is going to change the culture of the...

Transfer Pensions – Update

At the end of October, we wrote to hundreds of members who had transferred their pensions out of one of the Lloyds Banking Group final salary pension scheme providing them with a standard letter to send to the Trustee. That letter said: “I have enclosed details of...

Lloyds Pension Fund ‘Fire Sale’

The Times and Financial Times have reported that the Trustee responsible for managing Lloyds Banking Group Pension Schemes with assets worth £50 billion was forced into a fire sale of equities and faced collateral calls of billions of pounds at the height of the gilts...

Pension Cap Review – Show Us The Evidence

In a previous Newsletter we called on Charlie Nunn, Group Chief Executive, to undertake an immediate review of the pension cap now that inflation was spiralling out of control. The Retail Price Index (RPI) hit 14.2% in the year to October. It’s at its highest level...

What About Help For Pensioners?

Soaring inflation, energy bills and prices means that many retired members of staff are already struggling in the worst cost of living crisis in a generation. Whilst the government has said that a typical household energy bill will be capped at £2,500 annually until...

Pension Cap & Spiralling Inflation

When Lloyds introduced its pension cap in 2014, with the tacit support of Accord and Unite who refused to ballot their members on industrial action, it said it would keep the cap under constant review. Lloyds must undertake an immediate review of the pension cap now...

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