Lloyds TSB final salary pension scheme 'could be closed'

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Lloyds TSB final salary pension scheme 'could be closed'

Thu 30th Jul 2009

Lloyds TSB's final salary pension scheme could be set to close as the economic downturn continues to apply pressure to the banking group's operations.

Following the bank's acquisition of HBOS, a review of its benefits schemes is due and could include the scrapping of the pension scheme, a spokesperson for the organisation said.

"As part this, we are reviewing our total reward package across the group, which naturally includes pensions. The group has not yet finalised its proposals or started consultation with its trade unions," they continued.

This news comes after the Organisation for Economic Co-operation and Development warned in June that the current strain on both public and private pensions could bring about a crisis that could span decades.

According to its global analysis of pensions accounts last month, private plans lost 23 per cent of their value during 2008, leaving those relying upon defined contributions feeling the greatest effects of the problems.

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