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Lloyds’ £1bn profit from pension cuts: Anger as alert issued on boardroom pay

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Simon Watkins
UK Daily Mail
April 26, 2010

Profits at Lloyds Banking Group will be boosted by at least £1 billion this year because of a planned cut to the value of staff pensions.

The bank, 41 per cent-owned by the taxpayer, said in December it was capping the rate at which staff built up their pensions.

The move took effect this month and will cap pensionable salary rises for about 60,000 staff at just two per cent or the rate of inflation, whichever is lower.

Although it does not limit pay rises, it does restrict the amount of any salary rise that can be counted towards a company pension. That, say analysts, will boost Lloyds’ bottom line by £1 billion or more this year.

The bank may refer to the oneoff gain in its interim management statement this week, although no figures will be included in the announcement.

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This article was posted: Monday, April 26, 2010 at 11:22 am

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