Lloyds Trade Union (LTU) is preparing to bring a class action lawsuit against Lloyds Banking Group regarding equal payments for members of its defined benefit (DB) pension scheme.
According to the union, the different rates at which male and female members of the pension scheme accrue guaranteed minimum pensions (GMP) payments is discriminatory. The legal action seeks to ensure that female pension scheme members see their pension increase at the same rate as male members of the scheme.
The union claims that this issue could affect up to 100,000 women, and that the difference in benefits could be worth up to £2,000 per female member of staff.
The issue could affect those who joined one of the group’s final salary pension schemes before 6 April 1997.
Lloyds Banking Group declined to comment.
