Lloyds downgrades directors' pensions - papers

Directors of the state-controlled bank, including Eric Daniels, the chief executive, will give up their defined-benefit pensions from April 2012 and move to a defined-contribution pension scheme. "This change has no impact on the vast majority of our colleagues," Shane O'Riordain, Lloyds director of communications, said. Although Lloyds and HBOS, its recent acquisition, have closed their final-salary schemes to new recruits, longer-serving staff are still members and continue to accrue benefits. More than 28,000 HBOS staff are active members of its defined-benefits scheme, as are the ma...