Pensions

Lloyds bosses 'feverish' over pensions vote

The Work and Pensions Committee isn't pulling any punches when it comes to Lloyds Bank pay packages.

There are reports that the bank has released a video to employees in an attempt to get shareholder support for the packages at the firm's AGM on Thursday.

The committee wrote to LLoyds remuneration committee on 2 May to ask why chief executive Antonio Horta-Osorio's "pension contribution rate stands at 33%, when the maximum employer contribution rate stands at 13% for other Lloyds employees – and the contribution rate for Lloyds’ chief operating and financial officers stands at 25% of salary."

MP Frank Field says: "Trying to twist the arms of thousands of hard-working staff - who helped generate £6bn profit last year alone - to wave through executive pension levels twice their own smacks of feverish desperation and boundless greed."

Firefighters 'missed out' on pension scheme

Rebecca Curley

Local Democracy Reporter

Fire engine
BBC

A management oversight meant hundreds of on-call firefighters missed out on an opportunity to sign up to a modified pension scheme.

The “historic failings” discovered by internal auditors for Surrey County Council (SCC) are being investigated.

The “complete breakdown of effective governance” and “management oversight” has also lead to the Pensions Regulator having to review the breach of process and whether the county council is responsible for meeting any liabilities arising from the failure.

A report into how officers from SCC and Surrey Fire and Rescue Service (SFRS) failed to carry out an options exercise as part of a modification of the Fire Pension Scheme concluded the actions are a “significant concern”.

SCC says it is now “working hard to put things right” and it will act on the report to “make sure nothing like this happens again”.

The failings date back to 2014 and 2015 when there were about 200 retained firefighters (RFF) in Surrey.

Historically, RFFs were precluded from a pension scheme drawn up in 1992 for whole-time firefighters, but have been entitled to join the Fire Pension Scheme (FPS) since 2006.

Many of the officers involved are no longer employees of SFRS or the county council.

The report will be presented to the Surrey Local Firefighters’ Pension Board meeting on Wednesday.