Lloyds TSB reviews final salary pension scheme

Lloyds TSB’s final salary pension scheme could be shut down as the bank looks to cut costs following the acquisition of HBOS.

The bank plans to review all its benefits schemes in light of the acquisition, with the pension scheme as a likely cost-cutting target, a statement from the bank said.

“When Lloyds Banking Group formed in January 2009, we said we would look to harmonise terms and conditions of employment for the integrated business”, the bank said.

“We are reviewing our total reward package across the group, which naturally includes pensions.”

The bank also said it will consult with unions on the plans.

Barclays has recently incensed union members by declaring plans to close its final salary pension scheme after a review of its pension arrangements.

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