The Bank will announce shortly that it’s extending the enhanced severance terms. The HR financed in-house staff unions will claim this is an example of positive engagement and that “only by having a seat at the table” can you influence the Bank’s actions. It’s nothing of the sort. The legal position is such that the enhanced severance terms are contractual for Lloyds staff and don’t need to be extended because there is no expiration date in the first place. Lloyds staff are entitled to those enhanced terms indefinitely and if the Bank ever attempted to walk away from its obligations then it would face legal action in the High Court immediately: that would be action, it knows it would lose.
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.