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Lloyds TSB announce closure of final salary pension scheme for Scottish Widows staff

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Lloyds TSB announce the closure of the Scottish Widows final salary pension scheme to new entrants with effect form 1st January 2003. The full cost of the final salary scheme is met by the employer. After 1/1/2003 new entrants will join a money purchase scheme to which staff have to contribute.

Lloyds TSB link the move to the introduction of their new flexible benefits package, Flavours and point out that the move will not impact existing members of the final salary scheme.

Amicus-MSF are firmly opposed to the closure of the final salary scheme to new entrants, and we intend to campaign against this backward step.

It is a scandal that a major employer in the pensions industry should prepare to deny future employees access to a final salary occupational pension.

Senior Scottish Widows AMICUS MSF rep said

"This is blatant cost cutting by the bank - we do not accept that this will not eventually impact on existing staff. We have asked the bank to guarantee that it will honour its commitment to provide a final salary based pension to existing staff. They refused to give such a guarantee."

"Amicus-MSF served notice to Lloyds TSB Management we would fight any closure to the existing pension scheme."

Roger Lyons Amicus General Secretary said,

"This announcement is yet another big company trying to close it's Final Salary Pension Scheme."

"I call on the government to intervene in the great pensions robbery and assist workers to look forward to a decent not poverty retirement."

SOURCE Amicus



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