Lloyds faces £508m cost to redress increasing benefits less for women than men
London — Lloyds Banking Group is facing a lawsuit this week over equal pension payments for women that could cost companies across the UK billions of pounds. The case at the high court in London may cost Britain’s biggest mortgage lender as much as £508m, said Mark Brown, general secretary at BTU, the largest independent labour union at the bank with over 30,000 members. In the legal action, three female members of Lloyds’s pension plan are claiming they were discriminated against because their retirement payments increase at a lower rate than male colleagues. About 230,000 members of the bank’s defined-benefit scheme between 1990 and 1997 are affected and about 7.8-million people in companies across the UK, according to the union. The case comes amid increased scrutiny over gender differences in pay and the under-representation of women in senior corporate roles in the UK. The judge’s verdict could also affect millions of members of public-sector pensions backed by the government, ...
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