Following LTU’s long campaign, the Lloyds Banking Group Trustee Board has increased the commutation factors for converting pensions in to tax-free lump sums for members of the Lloyds Bank No 1 Pension Sc heme from 15 to 17, backdated to 1st June 2017. This will result in significant increases in the tax-free payments for members of the Lloyds Bank No 1 Pension Scheme and some examples of what it means are set out in the full newsletter (please download below).
Lloyds Banking Group staff are represented by an independent trade union committed to protecting their interests and their interests alone. LTU is not affiliated to the TUC or any political party and we are free to determine and pursue the best policies for Lloyds Banking Group staff.
LTU represents members in Lloyds, Scottish Widows, Halifax, BOS and the other companies within the Lloyds Banking Group.