Poll
Major bank union slams pension sex discrimination
A trade union is preparing a class action lawsuit to present to the Employment Tribunal about allegedly discriminatory pension schemes.
Lloyds Trade Union (LTU), which is no longer recognised by Lloyds Bank, claimed that the bank’s guaranteed minimum pensions (GMPs) increased at a lower rate for female employees than it did for men.
LTU alleges that those affected are female employees who joined any of the bank’s final salary pension schemes before 6th April 1997.
The union is now preparing a class action lawsuit in the hope that an employment tribunal will conclude that the female pensions should rise at the same rate as males.
What are GMPs?
Introduced in 1978, GMPs allowed companies to opt out of an earnings-related state pension scheme.
GMPs contributed to a member’s total pension and ensured that firms provided a pension at least as good as a statutory minimum.
Though GMPs were abolished in 1997, pension schemes are still liable to pay GMPs that were earned for periods of service between 1978 and 1997.
What is the problem?
LTU alleges that GMPs are unfair as men and women accrue GMPs at different rates and that men claim theirs at the retirement age of 65 rather than 60.
The union claims that some industry bodies believe it would cost £13bn to make GMPs equal for men and women.
LTU claimed that this figure would be closer to £20bn after legal and actuarial costs.
LTU said its actuarial adviser looked at a range of members and estimated that the overall difference in benefits could be worth up to £2,000 per female member of staff, depending on the calculating method used.
Taking into consideration all active, pensioner and deferred members of the Lloyds scheme, the LTU claims this figure could equate to almost £300m, excluding the cost of implementing any changes.
What is next?
LTU claims that its affected members are entitled to compensation for any losses that they have suffered and a sex equality clause in their contracts.
The union is now urging members to join its group claim.
Lloyds Bank declined to comment on LTU’s claims.
I well omega replica watches removed them, in I below. Those companions call fake rolex watches sounded like a bird chirp. Squeezed between the fragmentation omega replica of the basalt is cold crunching sound rolex replica watches of quicksand. Flat slopes gradually, I came to the edge of breitling replica watches the crater, a cement embankment covered with dark brown on top. I ran over to cartier replica watches see the cement, the steel roof covering the top: This is the beginning of replica watches the 22 century dome structure. It would appear that we have longines replica watches come to the right place. From my u boat replica watches current position.