Lloyds TSB could close final salary pension scheme

Lloyds TSB Banking Group could close its defined benefit (DB) pension scheme as part of a wider review of benefits triggered by its acquisition of HBOS.

The review includes both Lloyds TSB and HBOS employees but the group has confirmed that proposals have not been finalised and consultations are not yet underway with unions. 

A statement from the bank read: “When Lloyds Banking Group formed in January 2009, we said we would look to harmonise terms and conditions of employment for the integrated business. This work is underway.

“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.”